Tesla and Toyota continue to represent serious rivals when fleet sales aren't in the mix and Chevrolet isn't far behind either
The Tesla Model Y and Toyota RAV4 trailed the Ford F-Series total registrations by just 0.1 percent in 2023, excluding fleet sales. That represents another sign that buyers are giving up traditional trucks in a continued shift toward EVs. That along with several other insights come from a deeper look at S&P Global's analysis of the U.S. auto market of 2023.
For this study, the Model Y stands out as a luxury vehicle in a field of non-luxury options. That's rare but shouldn't come as too big of a surprise considering just how popular the Model Y is. It represented 33.5 percent of the total electric vehicle registrations in the U.S. during 2023. Remove fleet sales and that figure rockets up to 37.1 percent of the market. Overall, the market appears to be moving toward SUVs and electrified vehicles slowly but surely.
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