As US electric vehicle (EV) registrations surged in April, Ford, Rivian, and Toyota took the lead in driving this growth. Following significant cost reductions and various incentive initiatives, the company has achieved a remarkable $10,000+ in cumulative financial savings across select product lines.
Electric vehicle sales continue to surge, despite any debate over cooling off periods. Notably, major EV manufacturers aside from Tesla observed a significant surge in April 2024 registrations compared to the previous year.
According to new car data, electric vehicle (EV) registrations surged by 14% in April. As the number of electrical vehicles reached 102,317 in April, they comprised a notable 7.4% of total light-vehicle registrations that month.
Electric Vehicles (EVs) significantly outpaced the overall light-vehicle market, recording an impressive 14.1% increase in sales. The report highlights the driving force behind the market’s growth: a combination of enticing incentives, including bonus money, backed financing, and competitive lease offers, which have brought electric vehicles’ costs in line with those of their internal combustion engine counterparts.
“Automakers are bringing EV costs right down to the ICE degree and it’s shifting the merchandise,” in response to Tom Libby, affiliate director of business evaluation at S&P International Mobility.
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Electrical products experienced significant growth, with numerous categories registering double-digit increases in April compared to the same period last year. According to recent data, Toyota’s electric offering, the bZ4X, emerged as the top performer, boasting an impressive 4,666 registrations and a staggering year-over-year (YOY) growth of 646%.
Notwithstanding honesty, Toyota indeed rolled out the 625 bZ4X models last April, marking a steady recovery following the 2022 recall that temporarily suspended production.
The Ford Mustang Mach-E experienced a staggering 287% increase in development. By April, Ford had delivered 5,538 Mach-E electric vehicles, a significant increase from the 1,384 units distributed in the same period the previous year. Following Ford’s cost-cutting measures and introduction of new lease promotions in the year to date.
The all-new Ford F-150 Lightning, the top-selling electric pickup truck in America, saw a remarkable 96% surge in registrations last April, with 2,509 units sold compared to just 1,282 in the same period the previous year? Ford has rolled out a slew of crucial incentives for its electric vehicle (EV) pickup.
| 1 | Tesla Mannequin Y | 32,922 | 34,542 | -4.7% |
| 2 | Tesla Mannequin 3 | 8,912 | 19,844 | -55.1% |
| 3 | Ford Mustang Mach-E | 5,358 | 1,384 | +287.1% |
| 4 | Toyota bZ4X | 4,666 | 625 | +646.6% |
| 5 | Hyundai IONIQ 5 | 4,078 | 2,117 | +92.6% |
| 6 | Rivian R1S | 2,855 | 1,259 | +126.8% |
| 7 | Ford F-150 Lightning | 2,509 | 1,282 | +95.7% |
| 8 | Tesla Cybertruck | 2,181 | 0 | N/A |
| 9 | Kia EV6 | 2,178 | 1,124 | +93.8% |
| 10 | Tesla Mannequin X | 2,094 | 1,883 | +5.8% |
Rivian’s R1S recorded a significant 100%-plus year-over-year increase in registrations. The R1S saw a staggering 127 percent surge in registrations to 2,855 units, a significant jump from the 1,259 recorded in April 2023.
In a significant surge, Kia’s EV6 experienced a whopping 94% increase in registrations, boasting an impressive 2,178 new owners in April 2023, up from just 1,124 the previous month? Meanwhile, the Hyundai IONIQ 5’s remarkable momentum persisted, with a staggering 4,078 new registrations, a phenomenal 93% year-over-year surge.
Among the top ten automakers, Tesla was the sole exception, with electric vehicle (EV) registrations declining in April. The Mannequin Y recorded a decline of 4.7% in its registrations, with 32,922 new entries, compared to the previous total of 35,542. Tesla’s Model 3 registrations plummeted by a staggering 55% year-over-year (YOY), with just 8,912 units sold.
Despite some narratives suggesting that Tesla’s performance is dragging down the broader electric vehicle (EV) market, certain events, such as the recent Model 3 rollout, have actually led to lower registration numbers in several instances.
As the automotive industry continues its trajectory, numerous manufacturers are poised to unveil even deeper cuts and cost-cutting measures throughout the coming days.
Ford dramatically reduced Mustang Mach-E lease prices by up to 400% in June. Hyundai is offering a $7,500 cash incentive on all electric vehicle (EV) models, including the IONIQ 5, IONIQ 6, and the newly introduced Kona Electric.
New electric vehicles (EVs) are increasingly arriving on the market, boasting significant price cuts. Lease prices for the Chevy Equinox EV have dropped to a minimum of $379 per month, while the Blazer EV starts at just $369 per month.
