Despite concerns about an “EV slowdown,” overall sales of electric vehicles continue to rise. Electric vehicle registrations rose by 3.8% in March, with multiple manufacturers, including Hyundai and Ford, reporting significant surges in electric car sales.
Despite a decline in Tesla’s sales, electric vehicle (EV) registrations surged in March.
In keeping with the most recent EV registration information from S&P International Mobility, a number of automakers gained market share in March.
Large-value cuts and lease offers drive demand in the first quarter, with automakers torn between two approaches to shape the market’s future trajectory. As reasonably priced electric vehicle options like the Volvo C40 Recharge and Chevrolet Equinox EV gain traction, many predict a surge in adoption throughout 2024.
Despite a modest increase in March, the electric vehicle (EV) market share within the sunshine car market rose from 6.8% to 7.1%, reflecting a gradual but steady trend.
From January to March, electric vehicle registrations saw a significant boost of 5.2% (264,268) and accounted for 6.9% of the overall market.
Electric vehicle market leader Tesla saw a 12% decline in registrations in March, contributing to a sluggish overall performance. Despite a slight dip, Tesla’s market share still remained substantial at 52.4%, down from its peak of 61.5% recorded 12 months prior. Meanwhile, Tesla’s newly refreshed Model 3 might be the prime culprit behind a 53% slump in registrations.
Tesla announced that its newly released Model 3 was supply-constrained during the first quarter of production. Some, together with Tom Libby, affiliate director of trade evaluation at S&P International Mobility, count on the Mannequin 3 to make a comeback this 12 months.
Electric vehicle (EV) demand surges for Hyundai and Ford as registrations skyrocket.
Automotive giants Hyundai and Ford bolstered their standings in March, as electric vehicle (EV) registrations surged forward. Ford boasts impressive triple-digit electric vehicle (EV) registration growth, leapfrogging to second place overall.
Driven by significant price reductions, Ford sold a record 20,223 electric vehicles in the first quarter, representing an impressive 86% increase over Q1 2023. The Ford Mustang Mach-E ranked as the second-best selling electric SUV, trailing behind Tesla’s Model Y.
Ford’s F-150 Lightning retained its position as the best-selling electric pickup truck in Q1, outpacing both the Rivian R1T and Tesla Cybertruck.
Ford is revving up its electric vehicle (EV) efforts once more. Ford reduces workforce at Rouge EV plant, citing sluggish demand for the Lightning. The proposed policy change is also expected to delay investment in electric vehicles by around $12 billion.
Meanwhile, Hyundai secured a third-place finish, with electric vehicle (EV) registrations nearly tripling to 100% growth in March alone. Hyundai has shattered its all-time March and first-quarter sales records, thanks to the remarkable popularity of its IONIQ 5, IONIQ 6, and Kona Electric models.
Hyundai remains steadfast in its commitment to driving electric vehicle adoption in the US market, with tangible results to show for its efforts. As some of the most affordable and fuel-efficient electric vehicles (EVs) hit the market, Hyundai anticipates the electric car trend to maintain its pace throughout the year.
Hyundai Motor America CEO Randy Parker reaffirmed the company’s commitment to electric vehicles (EVs), stating it is “all-in” on this strategy in a recent interview.
Parker quipped that Hyundai is “putting its money where its mouth is,” suggesting a deliberate effort to distance itself from competitors. Hyundai is set to open its inaugural dedicated electric vehicle (EV) and battery manufacturing facility within the United States, slated for later this year in Georgia, a move aimed at bolstering its competitive edge. Electric vehicles (EVs) manufactured at the facility are expected to meet the requirements necessary to claim the $7,500 federal tax credit.
According to Hyundai’s US CEO, the company is focusing on building trust among potential customers hesitant to buy an electric vehicle by emphasizing increased range, faster charging times, and unique design features.
Kia, Hyundai’s sibling brand, also saw electric vehicle (EV) registrations more than double, propelling it to fifth place. Kia’s new flagship electric vehicle, the EV9, has made a significant impact since its launch, with an impressive 4,000 units sold during its first quarter on the market.
Luxury marques BMW and Mercedes-Benz, ranking fourth and fifth respectively, witnessed a significant surge in electric vehicle registrations in March, with both brands experiencing double-digit growth.
Despite a stagnant March, Rivian’s quarterly growth of 30% propelled the brand to seventh place. Rivian is investing in a manufacturing plant upgrade at its facility in Normal, Illinois, aimed at boosting efficiency.
According to EV registration data, several competitors lost market share. Chevrolet’s March sales plummeted 66% as production of the Bolt EV came to a close after a year-long run. Chevrolet is betting that its newly launched electric vehicles, such as the Equinox and Blazer models, will not only attract environmentally conscious customers but also contribute to driving innovation in the industry. In its initial launch, the Blazer EV secured a notable 498 registrations, while the Equinox garnered a mere 13, as both models began arriving at dealerships nationwide?
Toyota (798), Lexus (819), Subaru (427), Fisker (565), VinFast (496), and Lucid (477) are all below the 1,000 mark, as reported in March registration data.
Meanwhile, Nissan’s Japanese rival garnered 1,661 registrations for its Ariya electric SUV, which successfully entered the US market.
As fresh designs burst onto the scene, it’s captivating to behold which car manufacturers top the rankings at year-end.
