The EV market in the US has seen significant growth in the first quarter of 2024, with sales surging ahead for most automakers. According to the data provided by Cox Automotive and Bloomberg Green, excluding Tesla, EV sales rose by an impressive 13% compared to last year.
Despite Tesla’s decline, the overall EV market in the US is growing robustly. This growth is driven by significant sales increases from other automakers like Ford, Hyundai/Kia, and Rivian. The diversification of EV offerings and increasing consumer interest in electric vehicles are likely contributing factors to this trend.
Growth
- Ford experienced the highest percentage increase among the major automakers, with an impressive 86.1% rise in sales.
- Rivian’s sales surged by 58.8%, reflecting the company’s growing presence in the EV market.
- Hyundai/Kia saw a significant increase in their EV sales, up by 56.1%, marking a strong performance in the market.
- Mercedes, BMW, Nissan, and Toyota all reported increases in their EV sales. Notably, Mercedes and BMW saw significant growth of 66.9% and 57.8%, respectively.
Decline
- Tesla remains the market leader in EV sales but experienced a notable decline of 13.3% compared to the same quarter last year.
- General Motors saw a decline in their EV sales, dropping by 20.5%.
- Volkswagen also experienced a decline, with a 12.2% decrease in sales.
The first quarter of 2024 has been a period of significant growth for the EV market in the US, with many automakers showing impressive sales increases. While Tesla remains a dominant player, the competition is intensifying as other manufacturers ramp up their EV production and sales.