July 13, 2024—US EV Gross sales Hit Report
[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 primary Large E is massive as a result of it runs counter to most of what you may need been studying for the previous a number of months. These tales have been fairly uniformly—EV gross sales are dropping! EV consumers are shifting again to gasoline automobiles! EV market could take years to succeed in objectives.
Let’s dial again the panic. Cox Automotive reported the second quarter (April-June) June gross sales this week, utilizing new estimates from Kelley Blue Ebook. Within the U.S., 330,463 EVs have been bought, representing 8% of the market, up 11.3% in comparison with final 12 months’s gross sales. That’s in a principally flat general market (up 0.1%) year-over-year. V gross sales are up 7.3% for the primary half of the 12 months. EV gross sales are setting new information as new merchandise fill the market.
Cox Automotive Trade Insights Director Stephanie Valdez Streaty stated: “EV gross sales exceeded expectations throughout a record-breaking quarter. Regardless of Tesla’s declining gross sales, with its EV gross sales share now under 50% for the primary time, the general aggressive panorama for electrical automobiles is intensifying. This elevated competitors is resulting in continued worth strain, steadily boosting EV adoption. Automakers that ship the precise product on the proper worth and supply a superb client expertise will prepared the ground in EV adoption.”
Nonetheless Tesla–and All people Else
Tesla, the market chief, is down 6%, a supply of lots of the dour headlines. However Tesla nonetheless owns roughly half of the EV market with its 5 fashions. Choosing up the slack have been 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 additionally chipped in as did the European producers Mercedes-Benz and VW in addition to Toyota, Nissan and Subaru. The complete story is the listing of 57 fashions accessible is spectacular—and customers are undoubtedly noticing.
You assume this was excellent news for the EV market? Trade analysts are predicting a fair stronger second half as new fashions from GM, Honda and Stellantis hit showrooms. 12 months-to-date EV gross sales are a shade underneath the 600,000 mark, so passing a million gross sales must be a breeze.
Right here’s a number of the element—the highest 10 manufacturers and prime 10 fashions of EVs bought in Q2 2024:
Manufacturers
- 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
Needed to throw in #11 because it’s so shut—Nissan at 7,128
Fashions
- Tesla Mannequin Y 101,301
- Tesla Mannequin 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
Quick followers embrace Chevrolet Blazer EV, Kia EV6 and Tesla Mannequin X.
People love their vehicles and SUVs, whether or not they’re powered by gasoline, diesel or electrons. We’ve examined most of those EVs and couldn’t agree extra. Let it develop.