While headlines often underscore the challenges facing the electric vehicle (EV) market, recent data from an S&P Global Mobility report reveals that certain EV manufacturers are bucking the trend and experiencing growth even during the market slowdown.
Although new EV registrations saw a significant increase of 52% throughout the entirety of 2023 compared to the previous year, the growth rate in January 2024 tapered to 15% over January 2023.
EVs still accounted for 7.8% of the light-vehicle market in the U.S., up from 7.1% in January 2023. Notably, this growth occurred within the context of an overall rise in vehicle sales, with over 1.1 million cars sold in January 2024, marking a 4.7% increase from the previous year.
Despite the broader market slowdown, EVs maintained their share, comprising 7.7% of the light-duty market in 2023. However, this steadiness contrasts with the narrative of EVs as the driving force of the automotive industry.
Tesla remains the dominant player in the EV market, with January 2024 registrations reaching 48,757, a 15% increase over the previous year. Notably, Tesla’s Model Y accounted for two-thirds of these registrations, marking a 35% increase from January 2023, while the Model 3 contributed an additional 11,739 deliveries.
Several other manufacturers made significant strides during the period. Kia witnessed a substantial increase with 3,717 registrations, driven by the EV6 and EV9 models, representing a doubling of last year’s January total.
Hyundai experienced an impressive 79% growth with 4,144 registrations, and BMW saw a 47% increase to 3,564 registrations, attributed to the popularity of its i4 and iX models. Rivian also demonstrated notable progress, with a 46% increase to 3,818 registrations, buoyed by its R1S SUV and electric vans.
However, some manufacturers faced challenges. Ford experienced a 17% decline in registrations compared to January 2023, primarily due to declining sales of the Mustang Mach-E. Chevrolet saw an even steeper decline of 42% following the discontinuation of the Bolt model.
Despite the fluctuations, the EV market remains dominated by a handful of key players, with Tesla’s Model Y and Model 3 comprising more than half of EV registrations in 2023. While there are numerous EV models available, the top 10 models accounted for 75% of total EV sales in 2023, highlighting the concentration within the market.
Also read: Ford Shifts Focus To Affordable EVs, Delays Three-Row SUV
