The expansion of the EV market in the United States slowed down this year, but it is still growing. The main finding right now is that Tesla's registrations decreased year-over-year in February and March, offset by the surging non-Tesla EV brands.
According to S&P Global Mobility's data, via Automotive News, battery-electric cars noted 96,385 new registrations, which is up 3.8% year-over-year. However, the average in 2022 and 2023 was above 50%.
We should 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 every month.
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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).
The report says that in March, new EV registrations accounted for 7.1% of the market, compared to 6.8% a year ago.
According to the article, Tesla was responsible for 50,474 new registrations in March, down 12% year-over-year after a 25% decline in February. That's still over 52% of the total EV segment, but a year ago, it was over 61%, and in 2020, it was some 80%.
Tesla was the main reason for the EV registrations' weakness, as the non-Tesla EV numbers in March were up 28% year-over-year to almost 46,000.
In Q1, the average EV share is estimated at 6.9%, as almost 264,000 new all-electric cars have been registered.
If we look at particular brands in the top 8, all manufacturers are increasing sales, except Tesla. Moreover, the growth rate is usually quite significant.
BEV registrations for select brands in January-March 2024 (YOY change):
- Tesla: 135,928 (down 8.6%) and 51.5% market share
- Ford: 21,507 (up 60%) and 8.2% market share
- Hyundai: 13,654 (up 79%)
- BMW: 11,369 (up 66%)
- Kia: 11,239 (up 85%)
- Rivian: 10,632 (up 30%)
- Mercedes-Benz: 9,822 (up 54%)
- Chevrolet: 9,119 (up 56%)
- Volkswagen: 6,585 (down 32%)
- Cadillac: 5,939
- Audi: 5,964
- Nissan: 5,403 (up 28%)
We are eager to see new registration data for April and May, and in the next few weeks, we should see the first set of EV sales numbers.
