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Total, the pure electrical car (EV, or BEV) share of US auto gross sales was 6.9% within the first quarter of 2024. EV gross sales elevated barely in comparison with the primary quarter of 2023, however general auto gross sales elevated extra, so EV market share dropped from 7% to six.9% yr over yr. It was additionally down from the 4th quarter, which had a file excessive 7.9% EV market share. Nonetheless, it was up from 4.5% in Q1 2022, 2.4% in Q1 2021, 1.4% in Q1 2020, and 1% in Q1 2019. Was this only a slight dip in EV market share development? Or was it the start of a downward pattern, or at the very least a leveling off? Given all the advantages of electrical vehicles, their ongoing price reductions, and rising mannequin selection, I assume this was a brief and uncharacteristic drop in EV market share.
With Tesla accounting for more than half of US EV salesthe large hit within the first quarter was merely Tesla’s drop in gross sales — quarter over quarter in addition to yr over yr. Yr over yr, non-Tesla EV gross sales have been up 21,792 within the first quarter. Nonetheless, they have been down by nearly 20,000 models quarter over quarter.
Digging down a bit deeper, let’s take a look at how totally different automakers and totally different auto manufacturers carried out when it comes to the share of their very own gross sales that have been EV gross sales. (Word that a number of auto manufacturers don’t promote EVs within the US and thus aren’t even included right here.)
Trying first at auto teams, we are able to see that BMW Group turned the #1 auto group within the nation for the share of its gross sales that have been electrical, at 13.6% share. In second was Geely, which was at 10.6% share, after which one other huge German luxurious automaker, Mercedes, got here in third with 10.1% share. And you then’ve bought the third of the large German auto teams, Volkswagen Group, scoring 9.4% share. So, three of the highest 4 auto firms have been the German Large 3.
Attending to mass-market manufacturers, the Hyundai–Kia collab had 5.1% share, a bit greater than Ford Motor Firm’s 4.2% share. GM was down at 3%, Nissan at 2.2%, and Toyota at a shameful 0.6%. Honda’s not even on the board.
Trying on the similar metric however cut up out by auto model as an alternative of auto group, we discover Cadillac is the chief! Who would’ve thought? With 16.4% share of its first quarter gross sales coming from the Cadillac LYRIQ, the old-school luxurious model from the US was bossing it with a really new-school EV. Audi was fairly far behind in second with a decent 12.9% share, and BMW was proper on its tail with 12.7% share. Proper behind BMW was its little sibling, MINI, at 11.7% share. The subsequent two manufacturers — Mercedes (10.1%) and Porsche (9.3%) — have been additionally luxurious manufacturers, exhibiting very clearly what section of the market goes electrical within the USA.
Volkswagen was the #1 non-luxury model, however I’ve to say that it has type of a semi-luxury status and enchantment in the US. Its 7.5% share was the final rating above the nationwide common (6.8%). The subsequent three mass-market manufacturers — Hyundai (5.7%), Kia (4.5%), and Ford (4.2%) — appear to be the final ones price mentioning. Nicely, I’ll finish with a word on Volvo. The Swedish-Chinese language model, which has essentially the most bold plans globally for a swap to full electrical autos, highlighted that its plugin car fashions “accounted for 25.7 percent (of its sales) in March, an increase of 33.9 percent compared with the same period last year.” Nonetheless, its 1,069 BEV gross sales within the first quarter have been simply 3.5% of its 30,951 complete gross sales. So, clearly, the corporate nonetheless has a methods to go on the total electrical entrance within the USA.
After all, past all the legacy auto manufacturers proven right here, we’ve additionally bought the absolutely electrical manufacturers Tesla, Rivian, Lucid, Polestar, Fisker, and Brightdrop — which have been at 100% EV gross sales.
Associated tales:
US EV Sales Up 170% in 1st Quarter vs. 1st Quarter of 2021
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