July 13, 2024—US EV Sales Hit Record
[Ed note: “The Big E” is a short daily news story on the biggest news of the past 24 hours in the EV market, as chosen by Clean Fleet Report’s editors. Our intent is to present something significant that you can take away. It may not always be good news, but we feel it’s something you should know. Let us know what you think about this news, or if you think we’ve missed something bigger. We hope this makes your day better.]
This first Big E is big because it runs counter to most of what you might have been reading for the past several months. Those stories have been pretty uniformly—EV sales are dropping! EV buyers are shifting back to gas vehicles! EV market may take years to reach goals.
Let’s dial back the panic. Cox Automotive reported the second quarter (April-June) June sales this week, using new estimates from Kelley Blue Book. In the U.S., 330,463 EVs were sold, representing 8% of the market, up 11.3% compared to last year’s sales. That’s in a basically flat overall market (up 0.1%) year-over-year. V sales are up 7.3% for the first half of the year. EV sales are setting new records as new products fill the market.
Cox Automotive Industry Insights Director Stephanie Valdez Streaty said: “EV sales exceeded expectations during a record-breaking quarter. Despite Tesla’s declining sales, with its EV sales share now below 50% for the first time, the overall competitive landscape for electric vehicles is intensifying. This increased competition is leading to continued price pressure, gradually boosting EV adoption. Automakers that deliver the right product at the right price and offer an excellent consumer experience will lead the way in EV adoption.”
Still Tesla–and Everybody Else
Tesla, the market leader, is down 6%, a source of many of the dour headlines. But Tesla still owns roughly half of the EV market with its five models. Picking up the slack were Ford (with its triumvirate of the Mach-E, Lightning and E-Transit), the Korean trio of Kia, Hyundai and Genesis, BMW and GM (with contributions from Chevrolet, Cadillac, GMC and Brightdrop). Rivian and Lucid also chipped in as did the European manufacturers Mercedes-Benz and VW as well as Toyota, Nissan and Subaru. The full story is the list of 57 models available is impressive—and consumers are definitely noticing.
You think this was good news for the EV market? Industry analysts are predicting an even stronger second half as new models from GM, Honda and Stellantis hit showrooms. Year-to-date EV sales are a shade under the 600,000 mark, so passing one million sales should be a breeze.
Here’s some of the detail—the top 10 brands and top 10 models of EVs sold in Q2 2024:
Brands
Tesla 164,264
Ford 23,957
Kia 17,980
Hyundai 16,815
BMW 14,081
Rivian 13,790
Chevrolet 11,217
Mercedes 9,270
Toyota 7,571
Cadillac 7,294
Had to throw in #11 since it’s so close—Nissan at 7,128
Models
Tesla Model Y 101,301
Tesla Model 3 42,710
Ford Mustang Mach-E 12,645
Hyundai Ioniq 5 11,906
Tesla Cybertruck 8,755
Rivian R1S 8,137
Ford F-150 Lightning 7,902
Toyota BZ4X 7,571
Cadillac Lyriq 7,294
BMW i4 7,066
Fast followers include Chevrolet Blazer EV, Kia EV6 and Tesla Model X.
Americans love their trucks and SUVs, whether they’re powered by gas, diesel or electrons. We’ve tested most of these EVs and couldn’t agree more. Let it grow.
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