EVs make up 15% of BMW & Mercedes' total U.S. sales in Q3 2023
In the third quarter (Q3) of 2023, electric vehicles (EVs) constituted a significant 15 per cent of the total US sales for luxury brands BMW and Mercedes-Benz, signaling a noteworthy milestone in the growth of adoption of EVs.
When judging the success of battery-electric vehicle (BEV) sales in the automobile market in the US, it is not just about the number of vehicles sold; rather, it is about their share in an automaker's total sales volume. This ratio shows how far a vehicle manufacturer has advanced on its journey toward a completely electric future.
A deep analysis into the BEV share among 18 prominent American automotive brands during July through September quarter as well as the first nine months of this year revealed a number of interesting things. Notably, the analysis focused on traditional automakers, excluding exclusive BEV sellers like Tesla, where the share of fully-electric cars always stands at 100 per cent.
Examining sales of BEVs by brands in the Q3, of this year showed that there was an intriguing dominance of premium brands like BMW in adopting BEVs. BMW led the race with an impressive 15.6 per cent of U.S. passenger car sales being all-electric. BMW was closely trailed by Mercedes-Benz at 14.7 per cent. This trend continued with Audi, Volkswagen (VW), and Porsche, where BEV sales accounted for 12.7 per cent, 12.2 per cent, and 10.3 per cent, respectively. With 10 per cent BEV sales, Volvo also shows robust share of this environment-friendly segment.
It is worth noting here that the industry average, influenced mainly by electric car pioneer by Tesla, floats around 7-8 per cent, while non-Tesla brands average a BEV share of lower than 4 per cent. VW stood out as the top mainstream brand in the quarter under review, securing the aforementioned 12.2 per cent BEV share. The list of other notable automakers includes Hyundai, which reached 8.3 per cent (excluding Kona Electric data), while Kia achieved a 4.8 per cent BEV sales figure.
American conventional brands Ford and Chevrolet were near the industry average with 4.4 per cent and 3.5 per cent, respectively, albeit their high pickup share lowered the percentage because of lower rates of electrification in this segment.
With projections envisioning traditional automobile brands reaching a 20 per cent share of BEV sales by the end of 2024, and mainstream brands targeting for 5-10 per cent, it is evident that the shift toward electric mobility is rapidly reshaping the automotive landscape.