According to new data from Motor Intelligence, U.S. electric vehicle (EV) sales, excluding hybrids, surpassed 1 million units in the first nine months of 2023, achieving a record quarterly sales figure of over 438,000 units in Q3, resulting in a market share of 10.5%. Tesla continues to lead the market with a 43.1% share, although this is a decrease from 49% at the end of the previous year. General Motors has also made notable gains, increasing its market share from 8.7% to 13.8%. The surge in sales was driven by consumer purchases ahead of the expiration of federal incentives, which could lead to a significant drop in sales post-incentive. Analysts warn that the end of these incentives may create a boom-and-bust cycle for the EV market in the U.S.