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Truly, wait, Tesla nonetheless sells extra electrical vehicles within the USA than each different automaker mixed. The corporate accounted for 55% of US EV gross sales within the first quarter.
First, let’s look by means of some charts. Then, I’ll get to editorializing on this.
These first 4 charts present the share of the US EV market totally different auto teams and totally different auto manufacturers had within the first quarter of 2024.
As you may see there, Tesla’s 55.2% share of the market shouldn’t be corresponding to anything. It’s exhausting to spotlight every other firms contemplating how far behind Tesla they’re. Nevertheless, excluding Tesla from the equation, Ford is the standout chief, with 8% share of the US EV market final quarter. Then, combining Hyundai and Kia, we get to a different 7.3% of the US EV market. These firms (Ford, Kia, and Hyundai) account for one third of the non-Tesla EV market. Other than these three, you’ve bought GM, Rivian, and Volkswagen Group above 5% — at 6.5%, 5.3%, and 5.2% of the market, respectively.
On to mannequin gross sales.
This chart makes it even tougher to look past Tesla and be optimistic. Tesla simply sells so many extra items of the Mannequin Y and Mannequin 3 that it’s exhausting to imagine the opposite automakers try.
However, if you wish to pull out the leaders among the many relaxation, you’ve bought good performances from the Ford Mustang Mach-E and the Ford F-150 Lightning. Good on Ford.
Total, we are able to see that EV gross sales proceed to rise strongly within the US. Sure, there was a slight drop in Q1 2024 in comparison with Q1 2023, however that was all the way down to Tesla’s gross sales reducing a bit (notice that Tesla attributed this to pausing the Mannequin 3 manufacturing line with the intention to launch the brand new “Highland” model of the Mannequin 3. In comparison with Q1 2022, EV gross sales are up enormously.
Sure, that’s 71% progress within the 1st quarter of this 12 months in comparison with the first quarter of 2022 (and a 4% decline 12 months over 12 months).
The issue is how a lot the US EV market is dependent upon Tesla gross sales. If Tesla’s gross sales are up, US EV gross sales will certainly be up. If Tesla’s gross sales are drooping, then discussions can devolve shortly. The US market has been diversifying, and it simply must hold doing so by promoting increasingly EVs.
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