U.S. EV sales growth outpaced the rest of the auto market in June: data

By Zachary Visconti

Posted on August 18, 2024

Electric vehicle (EV) sales have been on the rise in the U.S. and elsewhere over the past few years, and recent registration data from S&P Global Mobility shows that EV sales growth outpaced the rest of the automotive market in June.

EV sales were up in the first half of the year, according to the data, as well as the tech having outpaced the broader market in June, both due to large incentive programs bringing EV prices down for consumers (via Automotive News). New EV registrations jumped 3.1 percent year over year in June, with 108,026 vehicles registered, while the market as a whole saw an 8.8 percent decrease to a little over 1.2 million units, S&P Global Mobility noted on Friday.

“The June month numbers were good for EVs,” said S&P Global Mobility Analyst Kent Chiu. “But behind them were pretty strong incentives as a motivator.”

EV incentives reached a three-year high in July: data

EV market share in June grew to 8.9 percent as a result, marking 1 percent higher than the same month last year. The data also includes only new battery-electric vehicle (BEV) registrations rather than including used vehicles or any gas-powered hybrid vehicles.

Tesla led the charts as the brand with the highest number of registrations, outselling the  next closest competitor, Ford, nearly tenfold. Tesla also saw its June numbers boosted by the Cybertruck, which also earned the spot for the top-selling vehicle over $100,000 the last two months.

“As more EVs come to market and occupy segments that match internal-combustion vehicles, there will be more consumers that switch over to the EV space,” Chiu added.

Some examples Chiu highlighted include additional three-row crossover EVs to compete with the Kia EV9.

Top 10 brands for June EV registrations, along with year over year sales growth

1. Tesla: 60,929 units (-2.4 percent year over year)
2. Ford: 6,298 units (18.2 percent year over year)
3. Kia: 5,194 units (105.9 percent year over year)
4. Rivian: 4,982 (8.3 percent year over year)
5. Hyundai: 4,852 (-3.4 percent year over year)
6. Chevrolet: 3,721 (-30.6 percent year over year)
7. BMW: 3,449 (3 percent year over year)
8. Nissan: 2,379 (80.1 percent year over year)
9. Cadillac: 2,182 (403.9 percent year over year)
10. Mercedes-Benz: 1,903 (-43.3 percent year over year)

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U.S. EV sales growth outpaced the rest of the auto market in June: data