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 Massive E is large as a result of it runs counter to most of what you might need been studying for the previous a number of months. These tales have been fairly uniformly—EV gross sales are dropping! EV patrons are shifting again to fuel autos! 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 Guide. Within the U.S., 330,463 EVs have been offered, representing 8% of the market, up 11.3% in comparison with final 12 months’s gross sales. That’s in a mainly 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 data as new merchandise fill the market.
Cox Automotive Trade Insights Director Stephanie Valdez Streaty mentioned: “EV gross sales exceeded expectations throughout a record-breaking quarter. Regardless of Tesla’s declining gross sales, with its EV gross sales share now beneath 50% for the primary time, the general aggressive panorama for electrical autos is intensifying. This elevated competitors is resulting in continued value stress, regularly boosting EV adoption. Automakers that ship the precise product on the proper value and supply a superb client expertise will prepared the ground in EV adoption.”
Nonetheless Tesla–and Everyone Else
Tesla, the market chief, is down 6%, a supply of most 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 record of 57 fashions out there is spectacular—and customers are positively noticing.
You assume this was excellent news for the EV market? Trade analysts are predicting an excellent stronger second half as new fashions from GM, Honda and Stellantis hit showrooms. 12 months-to-date EV gross sales are a shade beneath the 600,000 mark, so passing a million gross sales ought to be a breeze.
Right here’s a number of the element—the highest 10 manufacturers and prime 10 fashions of EVs offered 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 embody Chevrolet Blazer EV, Kia EV6 and Tesla Mannequin X.
People love their vehicles and SUVs, whether or not they’re powered by fuel, diesel or electrons. We’ve examined most of those EVs and couldn’t agree extra. Let it develop.