Despite talk of an EV slowdown, more electric cars are hitting US streets. In the second quarter, 18 models topped 5K in sales, with Tesla, Ford, and Hyundai leading the way. Meanwhile, newcomers, like Toyota’s bZ4X, Kia’s EV9, and the Chevy Blazer EV, joined the club.
According to Kelley Blue Book, EV sales hit a new record in the second quarter, with 320,463 units sold in the US in Q2. That’s up 11% from last year and 23% from Q1, with new models and heavy discounts driving growth.
With an influx of new EV models, Tesla’s market share slipped below 50% (49.7%) for the first time.
New Chevy EV models, including the Blazer, Equinox, and Silverado, added over 21,000 to GM’s total. However, it was not enough to top rival Ford, which sold nearly 24,000 EVs in Q2.
If you include combined Hyundai Motor Group (Hyundai, Kia, Genesis) sales, Hyundai was actually the second-best-selling EV brand in the US. According to Motor Intelligence, Hyundai, including Kia and Genesis, accounted for 10% of the US EV market in Q2, topping Ford (7.4%) and GM (6.3%).
Hyundai’s dedicated IONIQ 5 and 6 electric vehicles continued seeing higher demand, while Kia’s new EV9 joined the 5K sales club.
Electric vehicles with over 5K in sales in Q2
Despite Tesla’s (inevitable) falling share, “the overall competitive landscape for electric vehicles is intensifying,” Cox Automotive Industry Insights Director Stephanie Valdez Streaty said.
“This increased competition is leading to continued price pressure, gradually boosting EV adoption,” Valdez Streaty explained, adding, “Automakers that deliver the right product at the right price and offer an excellent consumer experience will lead the way in EV adoption.”
| Electric Vehicle | Q2 2024 Sales |
| Tesla Model Y | 101,301 |
| Tesla Model 3 | 42,710 |
| Ford Mustang Mach-E | 12,645 |
| Hyundai IONIQ 5 | 11,906 |
| Tesla Cybertruck | 8,755 |
| Rivian R1S | 8,137 |
| Ford F-150 Lightning | 7,902 |
| Toyota bZ4X | 7,571 |
| Cadillac Lyric | 7,294 |
| BMW i4 | 7,066 |
| Kia EV6 | 6,882 |
| Chevrolet Blazer EV | 6,634 |
| Tesla Model X | 6,570 |
| Volkswagen ID.4 | 5,690 |
| Mercedes EQE | 5,684 |
| Kia EV9 | 5,664 |
| Kia Niro | 5,434 |
| Nissan Ariya | 5,203 |
In the second quarter, 18 electric vehicles topped the 5K sales milestone. Tesla’s Model Y and 3 have long topped the list, while Hyundai’s IONIQ 5 and Ford’s Mustang Mach-E and Lightning models continued climbing.
Meanwhile, several new models made the list, including the Toyota bZ4X, Nissan Ariya, Chevy Blazer EV, Kia EV9, and Tesla’s Cybertruck.
The new competition is driving prices down as automakers introduce significant incentives. According to Motor Intelligence, Kia’s new EV9 was among them, with an average discount of over $18,000 in June.
A recent Consumer Reports study found that Subaru’s Solterra, which just missed 5K in sales (4,238), was the most discounted car (EV or gas) selling for 12% off MSRP.
Like many automakers, Subaru is passing deals on through leases, with the Solterra starting at $329 per month (36 months) with $0 down.
As more models are launched and EV tech continues improving, sales are expected to continue rising. It will be interesting to see how many models make the list at the end of the year.
Source: Bloomberg, Cox Automotive