Tesla, Rivian, Lucid To Soar In H1 Sales — But This Rival Will Retain Top Crown, Says Cox Automotive

Automotive services provider Cox Automotive predicts that General Motors GM will maintain its position as the top automaker in terms of new vehicle sales in the first half of 2023, followed by Toyota Motor TM and Ford Motor F.

What Happened: According to Cox, total new vehicle sales volume is expected to rise by 11.6% year-over-year, reaching 7.65 million units in the first half. The statement also mentioned that new vehicle sales for 2023 are projected to reach 15 million units, an 8% increase from 2022. Additionally, Cox forecasts that electric vehicle (EV) sales in the U.S. will surpass 1 million units.

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“We entered 2023 with concerns about affordability, supply constraints, and a fragile economy. However, the job market has remained strong, and consumers have managed to find ways to purchase new vehicles,” stated Chief Economist Jonathan Smoke. 

He further noted that the market now appears more balanced, with more predictable changes and less news regarding significant price fluctuations.

Why It Matters: Cox Automotive anticipates significant sales growth for EV manufacturers such as Tesla Inc TSLA, Rivian Automotive RIVN, and Lucid Motors LCID in the first half of the year.

The company predicts a sales increase of 215.2% for Lucid, 183.1% for Rivian, and 26.7% for Tesla. Cox attributes Tesla’s sales growth specifically to higher incentives and aggressive price cuts, projecting the delivery of 329,137 units by the end of the first half.

Cox also estimates that total battery electric vehicle (BEV) sales will exceed 500,000 units, a notable increase from the 355,000 units sold in the corresponding period in 2022.

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