Tesla Vs GM Vs Rivian: Who Gained The Most Market Share In Q1?

Tesla Inc TSLA gained the most market share in the U.S. in the first quarter of 2023 despite General Motors Co GM taking the sales lead.

What Happened: Tesla gained the most market share in the first quarter of 2023 in the U.S., according to new data from Cox Automotive.

Tesla had a market share of 5.1% in the first quarter as opposed to 3.8% in the calendar year 2022, an increase of nearly 1.4%. 

Nissan-Mitsubishi NSANY seconded Tesla, gaining 0.7% more market share in the first quarter.

See Also: Best Stock Trading Software

General Motors sold the most vehicles in the first quarter — 587,020 units — but gained only 0.4% market share from 2022.

Tesla, in the meantime, sold 180,993 vehicles in the first quarter, an increase of 39.5% from a year earlier.

The Elon Musk-led company has been ramping up manufacturing at its Berlin gigafactory, reducing its dependence on made-in-China vehicles for European customers. 

Its Cybertruck is also the most hotly anticipated EV this year.

Rivian Automotive Inc RIVN marked a 563.8% jump in sales, with 8,145 vehicles sold in the quarter, compared with 1,227 units sold a year earlier. Lucid Motors LCID sales rose over 192% to 1,344 in the same period.

Read More: US-Japan Announce EV Battery Minerals Deal In Bid To Reduce Reliance On China

Check out more of Benzinga's Future Of Mobility coverage by following this link.

Market News and Data brought to you by Benzinga APIs
Posted In: NewsRetail SalesTop StoriesTechelectric vehiclesEV market shareEVsmobility
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!