Cox Automotive published the EV sales for Q3 2023. Total number of EVs, cars, trucks, SUV, commercial vans reached 314,036. Tesla has sold 156,621 EVs and jumped 19.5% from a year ago Q3 of 131,024. BMW and Mercedes both had a strong showing in Q3 . BWM obtained 4.2% of the segment while Mercedes had 3.3%. BMW units jumped 199.6% going from 4,365 a year ago to 13,079 this quarter. Mercedes saw an increase of 283.6% from 2,717 to 10,423. Hyundai market share is a strong 6.7% also had a strong showing jumping 237.1% from 5,824 to 19,630. Nissan saw explosive growth of 376.0% from 1,276 to 6,074 for 1.9% of segment. Rivian had triple digit growth of 126.1% from 6,884 to 15,564 accounted for 5% of segment. VW also had good growth of 60.8% from 6,657 to 10,707 and had 3.4% of market in the quarter. Chevrolet and Ford had modest growth of 7.9% and 14.8% respectively. Chevrolet went from 14,709 to 15,872. Ford increased to 20,962 from 18,257. Pure EV Polestar increased from 2,852 to 3,710 up 30.1%. Porsche sold 2,050, up 54.7% from 1,325. Lucid was up with a 147.4% gain but started with a small volume of 654 and increasing to 1,618.
Here’s how each model did within a brand.
BMW iX sold 5,541 from 1,727 up 220.8%. This midsize SUV has starting MSRP of $84,100. Key aspects are 516 hp, 0-60 mph 4.4s and has range of up to 324 miles. iX M60 performance oriented variant has 610 hp, 811 lb-ft torque, 296 miles range and goes 0-60 mph 3.6s. The M60 MSRP $118,400. BMW i4 increased from 2,638 to 6,457 up 144.8%. i4 eDrive40 MSRP $60,200 and has 301 miles range, 0-60 mph in 5.4s. The performance i4 M50 has 269 miles range and 0-60mph in 3.7s w/ MSRP $73,550. Source: BMW website.
Mercedes EQB 250+ SUV starts with $52,750 MSRP, 0-60 mph 8.0s and has 245 miles range. It sold 3,270 from 739 up 342.5%. Mercedes EQE has sedan and SUV variant. EQE sedan has 305 miles range, 0-60 mph 6.2s, MSRP $74,900. The performance AMG EQE Sedan can do 0-60 mph 3.2s and comes with 617 hp, 701 lb-ft torque and MSRP $106,900. 2023 EQE SUV 350+ has 279 miles range and 288 hp, 253 miles range, 0-60mph 6.3 and MSRP $77,900. A dual motor EQE 350 4Matic 564 lb-ft torque, 288 hp, 0-60mph 6.2. EQE 500 4Matic SUV has 633 lb-ft torque, 402 hp, 0-60mph 4.6, and 269 miles range. AMG EQE SUV 701 lb-ft, 617 hp, 0-60mph in 3.4 and MSRP $109,300, 235 miles range. 4,457 EQEs were sold Q3 2023. Source: https://www.mbusa.com/en/all-vehicles#vbg-electric
Tesla had reduced prices on its lineup during the quarter. Despite these efforts, the Model S/X and 3 saw decreases in sales. Model 3 went from 55,030 to 53,251 for a drop of -3.2%. Model S sold 3,132 down significantly -65.8% from 9,171. Model X dropped less than S. It dropped from 6,552 to 4,699 or -28.3%. Model Y was the winner with strong sales that increased 58.5% from 60,271 to 95,539. The Model S/X are the premium cars in the Tesla lineup and these compete with BMW and Mercedes which now have competitive offerings. Since BMW and Mercedes saw volume increases, it would suggests the high end segment is not as affected by higher interest rate as much. There is still interest in sedans and SUV that has good performance and has a new look from familiar brands with premium service and convenient distributor network at the high end of the segment. Mercedes EQE outsold Tesla Model S, 4,457 vs 3,132. Model S Plaid actually outperforms EQE and is much better value at only $86,090 vs $106,900 , 0-60 mph 1.99s vs 3.2s. It could be that the EQE customer have not heard of the Model S Plaid or has brand loyalty. The high end customer may see the spec and think they are similar enough that the difference does not matter for their use case and went with BMW and Mercedes. Tesla is still winning on the premium segment with Model Y and Model 3 which currently is driving most of the volume and revenue.
Get the complete report here: https://www.coxautoinc.com/wp-content/uploads/2023/10/Q3-2023-Kelley-Blue-Book-Electric-Vehicle-Sales-Report.pdf