January brought a 4.7% year-over-year increase in new light-vehicle registrations in the United States. 1.1 million vehicles were registered. All-electric vehicle (EV) registrations slightly outpaced the general market, but the growth rate is significantly slower than in 2023.
According to S&P Global Mobility’s data (via Automotive News), battery-electric cars noted 89,042 new registrations (up 15% year-over-year). The growth is positive, however, the average in 2022 and 2023 was above 50%. (Note that registration data lags behind sales and deliveries by at least a few weeks, but it can be used as a proxy of sales, especially since not all sales numbers are publicly available on a monthly basis.)
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Will the market grow in 2024?
The all-electric car market in the United States is growing, but the expansion gradually slowed down in recent months. It might change, but for now, it seems that achieving significant growth in 2024 will be challenging (compared to about 57% in 2022 and about 52% in 2023).
In January, new EV registrations accounted for 7.8% of the market, compared to 7.1% a year ago, the report says. For the last couple of months, the share was usually between 7 and 8 %, occasionally exceeding 8%.
According to the article, Tesla was responsible for 48,757 new registrations, up 15% year-over-year. That’s about 54.8% of all EV registrations. Two-thirds of the volume falls on the Model Y (32,248 registrations), which alone accounts for 36% of the entire all-electric car segment.
It also means that the non-Tesla EV registrations amounted to 40,285, growing at a similar rate.
S&P Global Mobility’s data shows that Ford was number two with 5,429 EV registrations, but that’s a 17% year-over-year decline. Chevrolet maintained third position among brands, but the decline is massive at 42% year-over-year, without the Chevrolet Bolt EV/Bolt EUV duo (production discontinued).
One of the most interesting things is the strong position of Hyundai (4,144 and 79% increase) and Rivian (3,818 and 46% increase). Kia is also growing fast, which enabled the wider Hyundai Motor Group (Hyundai, Kia, and Genesis) to remain the second largest automotive group in the EV segment behind Tesla (8,262 total).
BEV registrations (select brands) in January 2024 (YOY change):
- Tesla: 48,757 (up 15%) and 54.8% market share
- Ford: 5,429 (down 17%) and 6.1% market share
- Chevrolet: 4,353 (down 42%)
- Hyundai: 4,144 (up 79%)
- Rivian: 3,818 (up 46%)
- Kia: 3,717 (more than doubled)
- BMW: 3,564
- Mercedes-Benz: 3,341
- Cadillac: 2,145
- Volkswagen: 1,836 (down 47%)
- Audi: 1,620
- Nissan: 1,393
- Fisker: 640
- Toyota: 631
- Lexus: 527
- Subaru: 520
- Volvo: 431
- Porsche: 406
- Genesis: 401
- Polestar: 364
- Lucid: 357
- Mini: 280
- VinFast: 117
- Jaguar: 100
- Rolls-Royce: 51
- Fiat: 29
- GM’s Cruise: 23
- Mazda: 22
- GMC: 16
- BrightDrop: 9
- Ram: 1
In terms of models, the Tesla Model Y remains the most popular all-electric car in the U.S. with the Tesla Model 3 in second position. The discontinued Chevrolet Bolt EV/Bolt EUV duo in third position is a bit of a surprise, and another one is the Tesla Model X ahead of the Ford F-150 Lightning and a few crossover/SUV models.
BEV registrations (select models) – January 2024:
- Tesla Model Y – 32,248 (up 35%)
- Tesla Model 3 – 11,739 (down 23%)
- Chevrolet Bolt EV/Bolt EUV: 4,119 (down 45%)
- Tesla Model X: 3,267 (up 32%)
- Ford F-150 Lightning: 2,956 (up 4.5%)
- Hyundai Ioniq 5: 2,436 (up 47%)
- Cadillac Lyriq: 2,145
- Ford Mustang Mach-E: 1,977 (down 38%)
- Volkswagen ID.4: 1,836 (down 47%)
- Tesla Model S: 1,431 (up 68%)
- Kia EV9: 1,361 (up 32%)
- Kia EV6: 1,338 (up 32%)
- Mercedes-Benz EQE SUV: 1,091
- Hyundai Ioniq 6: 1,063
- Kia Niro EV: 1,018 (up 36%)
- Rivian R1T: 762 (down 44%)
- Chevrolet Blazer EV and Chevrolet Silverado EV (combined): 234
- Tesla Cybertruck: 72
* only models and brands, for which data are available
