By When it comes to purchasing new vehicles, Americans have consistently shown a preference for the Ford F-150 pickup truck. Over the past four decades, Ford’s F-Series trucks have maintained their dominant position in sales. However, the landscape is changing, as a surprising rival has secured the second spot for the first nine months of 2023. The Tesla Model Y has narrowly surpassed other competitors to claim the silver medal.
Experian, a comprehensive tracker of American vehicle registrations, provides data that confirms this surprising trend. While their figures may differ slightly from official sales numbers, they consistently reflect the overall market trends.
According to Experian’s report, during the third quarter, 3% of all newly registered vehicles were Ford F-150 trucks. Close behind, at 2.5%, were the Tesla Model Y electric SUVs. Toyota’s RAV4 SUV also achieved a 2.5% share, narrowly missing out on surpassing Tesla.
If we analyze the vehicle registrations during the first three quarters, Americans registered approximately 11.5 million new cars. This figure represents a 12.7% increase compared to last year, which suggests that if this trajectory continues, the total new car sales by the end of 2023 could reach around 14.9 million. These numbers would result in a staggering 288.5 million light-duty vehicles on American roads, according to Experian’s analysis.
To provide further insight into the market, here are the ten most commonly registered new cars:
- Toyota
- General Motors (including all four of its brands)
In conclusion, Toyota is leading the pack as the best-selling brand in the United States for the first three quarters of 2023. However, General Motors has outperformed other manufacturers by securing the title of the best-selling overall manufacturer with its impressive array of four distinct brands.
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In the third quarter of this year, Tesla has proven its dominance by jumping four spots to become the eighth best-selling car brand. This remarkable feat was achieved through significant price cuts and an increase in volume. However, it’s important to note that there are other successful tactics at play as well. For instance, Nissan has jumped three positions and secured the fifth spot without implementing significant price cuts.
When analyzing the data, it becomes evident that electric vehicle (EV) registrations saw an impressive growth of 43.1% compared to the previous year. In contrast, gasoline car sales only managed a modest increase of 1.4% over last year’s numbers. However, it is crucial to keep in mind that the current market is still dominated by gasoline-powered vehicles as 92.11% of new cars registered in the last quarter solely used gasoline as their power source.
While Tesla’s sales are expanding, its market share is slowly diminishing. The rise of competitors introducing more electric cars has resulted in Tesla holding a smaller portion of an expanding market. According to Experian reports, Tesla products accounted for 57.4% of new EVs registered between January and September. This represents a decrease from the previous year’s share of 65.4%. In fact, just three years ago, Tesla products comprised nearly 80% of all registered EVs, as reported by Experian data.
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Originally published on KBB.com.
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