Tesla Model Y Jumps to 2nd in New Vehicle Registrations

Americans still buy more new Ford F-150 pickups than any other single vehicle. Ford’s F-Series trucks have held onto the sales throne for more than 40 years. But through the first nine months of 2023, a surprising rival took second. The Tesla Model Y narrowly won the silver.

The data come from Experian, which tracks the new and used cars Americans register each quarter. The company’s data often differs slightly from sales figures but tends to show the same trends over time.

Through the third quarter, Experian reports, 3% of all newly registered vehicles were F-150 trucks. About 2.5% were Model Y electric SUVs. Toyota’s RAV4 SUV took the third spot, also scoring 2.5% but narrowly missing the Tesla number.

Americans registered about 11.5 million new cars through the third quarter – 12.7% more than last year and a pace that would equal about 14.9 million new car sales by the end of 2023 if the usual trends hold. That would put the total number of light-duty vehicles on American roads at about 288.5 million, Experian says.

Toyota was the best-selling brand through the third quarter, though General Motors, with its four brands, was the best-selling manufacturer.

Tesla outperformed in the third quarter, jumping four spots in rank to become the eighth best-selling brand. Big price cuts helped the electric vehicle (EV) maker increase its volume. But that isn’t the only tactic that works. Nissan jumped three positions, placing fifth, without significant price cuts.

EV registrations grew by 43.1% compared to prior-year data, while gasoline car sales increased by just 1.4% over last year’s numbers. But it’s easy to misread data when working with smaller numbers – 92.11% of new cars registered last quarter used gasoline and no other power source.

Tesla sales continue to grow, but it’s losing market share. As rivals introduce more electric cars, Tesla controls a smaller slice of a growing market.

Experian reports that Tesla products comprised 57.4% of new EVs registered through September. Last year, in the same period, Tesla held a 65.4% share. Just three years ago, nearly eight in 10 EVs registered were Tesla products, according to Experian data.