• Electric vehicle sales are on the rise in the U.S. in 2024.
The topic of electric vehicle sales has been a hot one in recent months, to say the least. And we hear all kinds of things. The reality is that the situation differs from one market to another, so broad conclusions are to be avoided.
Another important nuance, one regularly brought up by Auto123, is to appreciate the difference between a slowdown in sales and a slowdown in anticipated sales growth. A slowdown means that sales are declining. A slowdown in anticipated growth means that sales are rising, but at a slower rate than expected.
This is the reality that prevails when we analyze the situation across the globe. Automakers had anticipated a certain amount of growth, and this growth is currently weaker than expected, forcing them to revise their plans.
However, in absolute terms, sales of electric vehicles are on the rise.
In Canada, growth has continued through 2024. And the latest figures from south of the border show that is also the case there. This past October, Americans bought more EVs than during the same month in 2023.
Specifically, EV registrations rose by 5 percent in October compared with the same month in 2023. In all, American buyers snapped up 101,403 EVs, according to data from S&P (Standard and Poor's) Global Mobility.
And it's not Tesla that's driving the growth, but traditional automakers.
And which ones in particular?
At Chevrolet, sales of electric vehicle rose by 38 percent, driven by the Blazer EV, Equinox EV and Silverado EV. Sales of the Cadillac Lyriq tripled to 2,489 units. Even the GMC Hummer sold four times more in October 2024 than in October 2023.
Other models that contributed to the increase were not offered in 2023, such as the Honda Prologue, which sold for 4,168 units in October. The Hyundai Ioniq 5 also progressed, with sales rising from 3,555 to 4,485 units.
All is not so rosy everywhere. Ford sold fewer of its Mustang Mach-E (3,949 units to 3,479), and Rivian saw sales of its R1S SUV drop to 2,456 units, down 500.
The Tesla case
In the case of Tesla, there are two ways of looking at the current trends. With the rise in offerings and sales of vehicles from traditional manufacturers, it's not surprising to see Tesla sales dip (and they did, by 1.8 percent). However, Tesla remains the undisputed master of EV sales in absolute terms. For example, despite with a decline of some 3,000 units, Tesla still sold almost 22,000 Model Ys in October.
To put things in perspective, Tesla's sales in the EV segment are six times greater than those of the second best-selling brand.
Interestingly, if we discount Tesla in the calculations, the growth in sales of EVs in the U.S. in October is actually 11 percent, rather than 5.
Another point to consider. In October, the U.S. election had not taken place, so consumers didn't know if EV purchase credits would be threatened with elimination.
Now, we can probably expect a surge in EV sales between now and the end of the year in the U.S. If rebates are eliminated there in 2025, the situation could be different a year from now.
