The Massive E: Immediately’s Most Necessary Information

July 13, 2024—US EV Gross sales Hit File

[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 huge 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 consumers are shifting again to gasoline automobiles! EV market might take years to achieve 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 E book. Within the U.S., 330,463 EVs have been offered, representing 8% of the market, up 11.3% in comparison with final yr’s gross sales. That’s in a mainly flat total market (up 0.1%) year-over-year. V gross sales are up 7.3% for the primary half of the yr. 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 beneath 50% for the primary time, the general aggressive panorama for electrical automobiles is intensifying. This elevated competitors is resulting in continued worth strain, step by step boosting EV adoption. Automakers that ship the precise product on the proper worth and supply a superb shopper 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. Selecting 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 total story is the listing of 57 fashions out there is spectacular—and shoppers are positively noticing.

You assume this was excellent news for the EV market? Trade analysts are predicting a good stronger second half as new fashions from GM, Honda and Stellantis hit showrooms. Yr-to-date EV gross sales are a shade beneath the 600,000 mark, so passing a million gross sales needs to be a breeze.  

Right here’s a few of the element—the highest 10 manufacturers and high 10 fashions of EVs offered in Q2 2024:

Manufacturers

1. Tesla               164,264
2. Ford                   23,957
3. Kia                     17,980
4. Hyundai            16,815
5. BMW                 14,081
6. Rivian                13,790
7. Chevrolet          11,217
8. Mercedes            9,270
9. Toyota                 7,571
10. Cadillac               7,294

Needed to throw in #11 because it’s so shut—Nissan at 7,128

Fashions

1. Tesla Mannequin Y              101,301             
2. Tesla Mannequin 3                42,710
3. Ford Mustang Mach-E  12,645
4. Hyundai Ioniq 5             11,906
5. Tesla Cybertruck            8,755
6. Rivian R1S                      8,137
7. Ford F-150 Lightning      7,902
8. Toyota BZ4X                   7,571
9. Cadillac Lyriq                  7,294
10. BMW i4                           7,066

Quick followers embody Chevrolet Blazer EV, Kia EV6 and Tesla Mannequin X.

Individuals love their vans 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.