As we approach mid-year 2023, the growth of electric vehicles (EVs) continues to be a hot topic in the automotive industry. Prices of EVs are beginning to decrease, becoming more in line with the cost of traditional gas-powered vehicles. As technology continues to improve and production costs decrease, we can expect to see more affordable EVs in the future. This is already taking shape as we see many OEMs increasing their EV market share since January. 

Tesla continues to have a strong hold on the EV market, and impressively, with many new EV models entering the playing field they've managed to increase their overall market share since January. In April 2023, Tesla had claimed 68.76% of the new and used EV market across the 30+ states that Cross-Sell currently covers. That's an 8% increase from January. The Model Y plays a huge role in the current growth and success of Tesla, with over 29,000 units sold in April - that's double what the Model 3 sold - and remaining the top-selling EV for the last few years. 

Other OEMs are experiencing the roller coaster ride of the EV market this year. Ford and Chevrolet started out strong with close to 8% of the market, but have since dropped (within the states that Cross-Sell currently covers). This is depicted in the chart below with the removal of Tesla data for a better view of other electric brands. 

However, BMW and Mercedes-Benz are climbing the ranks with their popular EV models. For BMW, the i4 is an EV top-seller with continued success. The Mercedes-Benz EQS is an electric model that has popped up on our top reports in the last few months and is now out-selling the BMW electric models and is very close to catching the Model S in new and used sales. 

From what we can tell, Tesla isn't seeing any major impact of the new models to market...for now. This may likely change throughout the year as new EV models emerge and there is more variety for consumers. However, we also know that Tesla is getting ahead of the game by lowering their prices. The next several months will be exciting to watch as the EV market continues to evolve. 

Looking for EV market data and trends for your local market or for your full state? Cross-Sell Interactive® is packed with current and historical data for electric vehicles - chat with us now or submit a form for a custom quote.