I have always been a fuel economy nerd and have kept a close eye on automotive vehicle efficiency over the last 2 decades. In this article, I will list the 10 most efficient vehicles of 2023 that are sold in the U.S. market, along with their specs and pricing. When I first started compiling this list, every single vehicle on the list was a gasoline-electric hybrid (primarily gasoline like the original Toyota Prius) or simply a small, efficient gas-powered vehicle. Today, all of the vehicles on this list are plug-in electric vehicles, 100% powered by electricity – so I guess you could say I’m an electricity economy nerd these days? This shift to electrified transportation will be the trend for the next few decades, until hydrogen or another power source technology overtakes electricity.
I also keep track of the cheapest new cars and cheapest electric cars for many of the same nerd reasons – I love seeing technological improvements that drive price and performance efficiency. Maybe I missed my true calling as an engineer? With all of the climate and weather disasters that we’ve seen in the past few years, there is an urgency in efficiency gains and the shift of consumer vehicle fleets from gas to 100% electric drivetrains. The transportation sector is the largest source of emissions in the United States and even if electric vehicles are 100% powered upstream by today’s power grid and its current energy-sources, they produce only about one-quarter of the total CO2 of new gas powered vehicles.
As a personal finance writer, I should note that electric vehicles are typically still more expensive than their gasoline counterparts in terms of purchase price (though a few vehicles are starting to challenge that paradigm). Total cost of ownership, on the other hand, is starting to tilt in favor of electric vehicles. The cost of battery technology has plummeted in recent years, bringing down purchase prices, while the ongoing maintenance and energy costs of electric vehicles have always been lower than gasoline.
The folks over at MIT have put together interesting data showing the monthly costs and emissions (including upstream emissions for electric vehicles) of most mass-produced vehicles sold in the U.S. market over the last few years. It is worth a look to compare vehicles and emphasize the point that monthly costs for electric vehicles are now comparable to hybrid and gas-powered vehicles. And, there is up to $7,500 in federal clean vehicle tax credit (a must read for those interested in buying an EV) and a number of state electric vehicle tax credits and rebates (another must read) available for a number of electric vehicle manufacturers, impacting those economics even further. Also, keep and eye on the new federal energy tax credits and rebates. There are significant updates that resulted from the Inflation Reduction Act available (including solar panels, electrical panels, battery storage, and EV charging) that could make the prospect of electric vehicle ownership an even bigger cost-saving venture.
There have been a number of new developments in recent years that point to an even more promising near future for electric vehicles. While only 5.8% of all vehicles sold in the U.S. last year were fully electric, that number is up 81% year-over-year, and a number of manufacturers have decided to bank on an electric future.
- Ford has announced a $50 billion investment in electric vehicles through 2026 and eliminate gas powered vehicles by 2040.
- GM has announced the launched of 30 new electric vehicles by 2025 and plans to eliminate all gas and diesel powered vehicles by 2035.
- Toyota is investing $70 billon on EVs.
- VW will invest $100 billion in EVs and $20 billion to build it’s own batteries.
- Tesla continuously sets new quarterly sales records.
- Manufacturers are adding electric SUVs, Pickups, and even a Hummer! Manufacturers gravitating towards the types of vehicles people are buying versus strictly subcompact models is a big positive sign for electric vehicles.
We’ve also seen a commitment from the current administration to build 500,000 new electric vehicle charging stations across the U.S. as part of its infrastructure plan along with billions in new electric vehicle customer incentives.
2023 Electric Vehicle MPGe Efficiency, Cost, & Other Metrics
For the specs listed below, efficiency (MPGe, or Miles Per Gallon equivalent), CO2 emissions (in grams/mile), and annual energy (electricity) cost metrics were gathered from the EPA’s fueleconomy.gov site. Upstream CO2 emissions are national averages (assuming the individual does not have their own electricity generated and is purchasing from a utility), and compare to a new vehicle average of 410 grams/mile. Annual energy costs listed are based on 45% highway, 55% city driving, 15,000 annual miles and $0.14 per kWh of electricity.
For MSRP, I have listed the price prior to any federal or state tax credits, which could greatly reduce cost. There is a federal Clean Vehicle Tax Credit available of up to $7,500 available for purchases on approved electric vehicles (eligibility varies based on your tax situation as well as the vehicle make/model). Credits were recently modified and expanded via the Inflation Reduction Act to include manufacturers that had already gone over the 200,000 vehicles sold in the U.S. market cap (which had hit Tesla and GM). However, the IRS is in the process of revising their guidance on what vehicles are eligible for the credit based on where they were made and where the battery and its components were made and minerals were sourced. My suspicion is that once new guidance is released, only a few of the vehicles on this list will be eligible for a federal Clean Vehicle Tax Credit in 2023.
Notes on the 2023 Ranking of the Most Efficient Vehicles
The Nissan Leaf just missed the list, with a combined MPGe of 111 and range of 149 miles. It was the #1 selling electric car globally from 2010-2017, but sales have been stagnant in recent years, as it has mostly stayed the same with others surpassing its appeal. The Leaf does sit an attractive price, however, so it’s worth a look if you’re in the market for a new EV.
The 2023 Hyundai Ioniq 6 has yet to release its specifications, however, I expect it to make the top 10 once it is released.
The Most Efficient Vehicles in 2023 Sold in the US:
Here are the top 10 most efficient cars (vehicles) of 2023 sold in the United States, from #10 to #1.
10. Kia Niro EV
- MSRP (before tax credits or other incentives): $40,875
- Country of Origin (Manufacture): South Korea
- Engine: Electric Drive
- Combined MPGe: 113
- City MPGe: 126
- Highway MPGe: 101
- Annual Energy Cost: $600
- CO2 Tailpipe Emissions: 0 grams/mile
- Upstream CO2 Emissions (national average): 120 grams/mile
- Battery Range: 253 miles
- Overview: The 2023 Kia Niro EV comes with an all new redesign. Range only increased from 239 miles to 253, with a very slight bump in combined MPGe from 112 last year to 113 in 2023. The looks? Well, I think they are better overall. The front headlights are definitely an eye grabber, for better or for worse. The 2023 Kia Niro EV still isn’t as efficient as its sister model, the Hyundai Kona electric, and it still has a heftier price tag.
9. Chevrolet Bolt EUV
- MSRP (before tax credits or other incentives): $28,795
- Country of Origin (Manufacture): USA
- Engine: Electric Drive
- Combined MPGe: 115
- City MPGe: 125
- Highway MPGe: 104
- Annual Energy Cost: $600
- CO2 Tailpipe Emissions: 0 grams/mile
- Upstream CO2 Emissions (national average): 120 grams/mile
- Battery Range: 247 miles
- Overview: I almost didn’t put the Chevy Bolt EUV on this list, as I wanted to avoid similar model entrants (at its core, it’s a bulkier version of the Bolt EV). However, there’s enough difference in appearance between the two, and it has a strong value with GM getting reauthorized for federal electric vehicle credits, so I decided to give it the nod.
8. Kia EV6 – RWD Standard Range
- MSRP (before tax credits or other incentives): $50,025
- Country of Origin (Manufacture): South Korea
- Engine: Electric Drive
- Combined MPGe: 117
- City MPGe: 136
- Highway MPGe: 100
- Annual Energy Cost: $600
- CO2 Tailpipe Emissions: 0 grams/mile
- Upstream CO2 Emissions (national average): 120 grams/mile
- Battery Range: 232 miles
- Overview: a
- The Kia EV6 was a new entrant to the most efficient vehicle list last year, its first model year. The 2023 EV6 has impressive range, efficiency, and affordability.
7. Toyota bZ4X
- MSRP (before tax credits or other incentives): $43,335
- Country of Origin (Manufacture): Japan
- Engine: Electric Drive
- Combined MPGe: 119
- City MPGe: 131
- Highway MPGe: 107
- Annual Energy Cost: $600
- CO2 Tailpipe Emissions: 0 grams/mile
- Upstream CO2 Emissions (national average): 120 grams/mile
- Battery Range: 252 miles
- Overview: a new entrant to the most efficient vehicle list in 2023 – the Toyota bZ4X (not sure about that name), launches with some strong EV specs – which is exciting for Toyota and its fans. Toyota hasn’t made the list of most efficient vehicles since peak Prius years. Welcome back, Toyota – I hope the bZ4X brings some friends. And hopefully, they’ve learned from your… wheels staying on issue.
6. Tesla Model S
- MSRP (before tax credits or other incentives): $96,380
- Country of Origin (Manufacture): USA
- Engine: Electric Drive
- Combined MPGe: 120
- City MPGe: 124
- Highway MPGe: 115
- Annual Energy Cost: $600
- CO2 Tailpipe Emissions: 0 grams/mile
- Upstream CO2 Emissions (national average): 120 grams/mile
- Battery Range: 405 miles
- Overview: wow – the price has really increased on the Tesla Model S over the years. The first generation of Tesla Model S launched 10 years ago at what seemed like an unachievable price of $57,400. In 2023 – the Model S is very close to surpassing 6-figures – while prices of EVs have generally declined. Granted, that first base Model S had a range of just 160 miles compared to 405 today, but at this price, almost all of us will have to keep dreaming of crypto riches.
5. Chevy Bolt EV
- MSRP (before tax credits or other incentives): $27,495
- Country of Origin (Manufacture): USA
- Engine: Electric Drive
- Combined MPG: 120
- City MPGe: 134
- Highway MPGe: 106
- Annual Energy Cost: $600
- CO2 Tailpipe Emissions: 0 grams/mile
- Upstream CO2 Emissions (national average): 110 grams/mile
- Battery Range: 258 miles
- Overview: the price of the Chevy Bolt was slashed towards the end of last year, and potentially hits a ~$20K sweet spot if GM is able to hold on to a $7,500 federal EV credit for the model. GM says that it has a software/hardware battery fix for prior year models that had potential fire issues. That’s a good thing – because this price, range, and efficiency are hard to beat.
4. Hyundai Kona Electric
- MSRP (before tax credits or other incentives): $34,885
- Country of Origin (Manufacture): South Korea
- Engine: Electric Drive
- Combined MPGe: 120
- City MPGe: 134
- Highway MPGe: 106
- Annual Energy Cost: $600
- CO2 Tailpipe Emissions: 0 grams/mile
- Upstream CO2 Emissions (national average): 120 grams/mile
- Battery Range: 258 miles
- Overview: the 2023 Hyundai Kona Electric comes with a new redesign. Efficiency and range are similar, but still good for the size. And the price seems reasonable. Thus far (at the start of 2023) the Kona electric is not eligible for the revised federal EV credit – hopefully that changes in time.
3. Tesla Model Y – AWD
- MSRP (before tax credits or other incentives): $54,880
- Country of Origin (Manufacture): USA
- Engine: Electric Drive
- Combined MPGe: 123
- City MPGe: 129
- Highway MPGe: 116
- Annual Energy Cost: $600
- CO2 Tailpipe Emissions: 0 grams/mile
- Upstream CO2 Emissions (national average): 110 grams/mile
- Battery Range: 279 miles
- Overview: I’m struggling to see the difference between the Y and the Model 3, but the range and efficiency are impressive, and the Model Y previously surpassed the model 3 as the best selling electric vehicle in the U.S. market and stayed there last year.
2. Tesla Model 3 – RWD
- MSRP (before tax credits or other incentives): $45,380
- Country of Origin (Manufacture): USA
- Engine: Electric Drive
- Combined MPGe: 132
- City MPGe: 138
- Highway MPGe: 126
- Annual Energy Cost: $500
- CO2 Tailpipe Emissions: 0 grams/mile
- Upstream CO2 Emissions (national average): 110 grams/mile
- Battery Range: 272 miles
- Overview: The 2nd best-selling EV stays in the #2 spot, behind the Tesla Model Y for the 2nd straight year. It’s also the 2nd most efficient vehicle in the U.S. market. The 3 likes the number 2 for some reason.
1. Lucid Air Touring – AWD
- MSRP (before tax credits or other incentives): $107,400
- Country of Origin (Manufacture): USA
- Engine: Electric Drive
- Combined MPGe: 140
- City MPGe: 141
- Highway MPGe: 140
- Annual Energy Cost: $500
- CO2 Tailpipe Emissions: 0 grams/mile
- Upstream CO2 Emissions (national average): 100 grams/mile
- Battery Range: 425 miles
- Overview: the price of the Lucid Air is shocking, but the vehicle was Motortrends “car of the year” last year and it boasts an insane level of efficiency and 425 miles of range.
