U.S. Share of Electric & Hybrid Vehicle Sales Increased in 2nd Quarter of 2024

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The share of electrical and hybrid car gross sales in america elevated within the second quarter of 2024 (2Q24) after a slight decline in 1Q24. Mixed U.S. gross sales of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEVs) elevated from 17.8% of complete new light-duty car (LDV) gross sales in 1Q24 to 18.7% in 2Q24, in line with estimates from Wards Intelligence.

This slight improve within the electrical and hybrid car market share was pushed primarily by hybrid electrical car (HEV) gross sales, which elevated by 30.7% yr over yr. Hybrid gross sales accounted for 8.6% of the full light-duty market in 1Q24 and elevated to 9.6% in 2Q24. Plug-in hybrid electrical car gross sales elevated barely from 1.7% to 2.0% of the full light-duty market yr over yr. Following slower progress in 1Q24 in contrast with the earlier yr, in 2Q24, BEV gross sales accounted for 7.1% of the U.S. LDV market, an analogous share to 2Q23.

Luxurious electrical autos continued to promote nicely, accounting for 32.8% of complete luxurious gross sales in 2Q24. U.S. luxurious car gross sales accounted for 16.6% of the full light-duty market in 2Q24, whereas luxurious autos made up 73.8% of complete battery electrical gross sales, 8.3% of hybrid gross sales, and 29.2% of plug-in hybrid gross sales.

The common transaction worth of BEVs in america, not together with any authorities incentives, decreased from $57,405 in January 2024 to $56,371 in June 2024, in line with knowledge from Cox Automotive. BEV transaction costs have been 21.1% greater than the general common light-duty car transaction worth in January 2024 and 15.9% greater in June 2024.

Though Tesla continues to be the main producer within the electrical car market, it not holds the bulk share of electrical car gross sales. Tesla’s market share accounted for 48.9% of the full electrical car market in 2Q24, reducing to lower than 50% of the light-duty autos offered for the primary time since 4Q17. The gross sales have shifted to legacy producers resembling Ford, Chevrolet, Hyundai, and Kia. Ford accounted for 8.0% of gross sales within the electrical car market in 2Q24, the second-largest share, pushed by the gross sales of the Mustang Mach-E and F-150 Lightning. Chevrolet’s gross sales shifted to its newly launched electrical Blazer, Silverado, and Equinox fashions following the producer’s choice to cease producing the Bolt, a choice that decreased general gross sales in 1Q24.

BEV producers are producing autos each domestically and globally. In response to estimates from Wards Intelligence, 74.4% of electrical autos offered in america have been manufactured in North America in 2Q24 in contrast with 78.7% in 2Q23. A year-over-year comparability exhibits that the full share of electrical autos offered in america and manufactured in South Korea elevated from 8.0% in 2Q23 to 12.2% in 2Q24 whereas the share of electrical autos manufactured in Japan elevated from 2.4% to 7.2%.

To qualify for the clean vehicle tax credits within the Inflation Discount Act, producers should adjust to home content material necessities for remaining meeting, battery parts, and significant mineral inputs that stretch past merely manufacturing in North America. Subsequently, not all autos categorized as manufactured in North America qualify for this credit score.

Principal contributor: Monica Abboud. Initially revealed on Today in Energy.