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US electric vehicle to soar past 1.4 million units

US electric vehicle sales are poised to hit a record-breaking 1.4 million units or more by December, following a remarkable surge in the first three quarters of 2023. During the first nine months of the year, EV sales saw a substantial 50.9% increase compared to the same period last year, driving the EV market share up to 7.5%.

Data from carmakers and registrations revealed that a total of 875,798 EVs were sold from January through September. Moreover, with 655,986 EVs sold in the initial seven months of 2023, September alone saw a record-breaking 229,812 EVs sold, elevating the national share from 7.2% to 7.5%. This growth represents a substantial improvement over the same period in 2022 when the market share was slightly over 5%.

In 2022, total US EV sales barely touched 918,500 units. However, based on the current pace, which could potentially accelerate further due to the ongoing union strike against the big three carmakers, leading to increased demand for Teslas and other EVs, the total EV sales for 2023 could range between 1.4 and 1.5 million units.

Notably, US carmakers collectively sold just shy of 4 million units from July through September, encompassing EVs, hybrids, and internal combustion engine (ICE) vehicles.

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