Solidifying the US as the world's second-largest BEV market according to Counterpoint Research. Notably, BEVs accounted for over 7% of total passenger vehicle sales during the quarter.

Tesla led the charge, with every other BEV sold in the US during Q2 being a Tesla. In H1 2023, Tesla outsold the next 14 automotive groups by 122,000 vehicles. This highlights Tesla's ongoing dominance in the market.

US-based brands like Tesla, GM, Ford, Rivian, Lucid, and Karma captured nearly three-quarters of total BEV sales, while foreign brands, particularly European manufacturers, made significant gains with sales doubling YoY.

The top five BEV models represented over 60% of the market, with Tesla's Model Y and Model 3 accounting for 55%. Rivian's R1T secured the third spot, marking a milestone for the company.

While the future looks bright, challenges lie ahead. Rising inventories are expected to strain automakers, with EV-related investments already surpassing $100 billion. OEMs may need to consider price reductions or production limitations, potentially impacting their financial performance.

The US BEV market is on an exciting trajectory, but achieving the delicate balance between meeting demand and maintaining sustainable inventories will be key to its continued success.