April turned out to be one of the best months ever for all-electric car sales in the United States, with a six-digit number of first registrations. The results are quite amazing, considering that the largest player in the segment, Tesla, noted a big decrease.
According to S&P Global Mobility's data, via Automotive News, battery-electric cars noted 102,317 new registrations in April, which is 14% more than a year ago. This slight growth was high enough to outpace the general market, which was up 7.3% at nearly 1.4 million units. In effect, the EV market share in April improved to 7.4%, which is higher than Q1's average of 6.9%.
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EV Sales Expands Despite Challenges
April's registration numbers reveal that all-electric car sales continued to increase in the U.S. The overall year-over-year growth is small, as Tesla's results substantially weakened in the first part of the year. Non-Tesla EV sales are growing relatively fast, although sometimes primarily thanks to attractive deals.
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.
According to the data, Tesla was responsible for 47,350 new registrations in April, down 17% year-over-year, after a 25% decline in February and a 12% decline in March. Three consecutive months of decrease is a worrying sign for Tesla.
In April, Tesla's share in the U.S. EV segment decreased to 46.3% compared to 63.8% a year ago, the report says. This means that the market moved to a point at which most of the electric cars are now purchased from companies other than Tesla. We will see whether this trend will continue, but with the updated "Juniper" Model Y not coming in 2024 and the more affordable EV possibly a few years away, it could be a while before a reversal happens.
Gallery: 2024 Toyota bZ4X
Meanwhile, non-Tesla all-electric car registrations surged 69% year-over-year to 54,967, taking 53.7% of the EV segment. According to the article, factory incentives were the major factor in achieving growth like that.
BEV registrations in April 2024:
- Tesla (46.3% BEVs): 47,350 (down 17%)
- Non-Tesla (53.7% BEVs): 54,967 (up 69%)
- Total: 102,317 (up 14%) and 7.4% market share
All-Electric Car Registrations in the U.S. - April 2024
During the first four months of the year, the total new EV registrations amounted to 366,105 and were some 7.5% higher than a year ago. The market share improved to 7.1% (compared to 6.9% in 2023). The Tesla and non-Tesla EV registrations were almost equal at roughly 183,000.
BEV registrations in January-April 2024:
- Tesla (50.1% BEVs): 183,278 (down by over a tenth)
- Non-Tesla (49.9% BEVs): 182,827 (up by about a third)
- Total: 366,105 (up 7.5%) and 7.1% market share (vs. 6.9% a year ago)
Tesla remains the top sole EV brand in the U.S., but other manufacturers are expanding quite quickly, more than offsetting Tesla's decrease. In April, Ford increased its volume by 169%, Kia by 172%, while Toyota was way up 647% year-over-year thanks to attractive deals for the Toyota bZ4X model.
Top BEV brands (new registrations) in January-April 2024 (YOY change):
- Tesla: 183,278
- Ford: 29,816
- Hyundai: 20,009
- Kia: 16,579
- BMW: 15,791
- Rivian: 15,045
- Mercedes-Benz: 12,786
- Chevrolet: 12,026
- Volkswagen: 8,457
- Cadillac: 7,819
One of the most interesting things is that Tesla's primary EVs were in the red in April. The Tesla Model Y with 32,922 units noted a 4.7% decline. Meanwhile, the Model 3 noted a massive 55% year-over-year collapse to 8,912. Things might improve starting in June, as the Model 3 Long Range AWD version qualified for the $7,500 federal tax credit.
Gallery: 2024 Ford Mustang Mach-E Rally First Drive
Meanwhile, the most popular non-Tesla EV on the market in April was the Ford Mustang Mach-E with 5,358 units and 287% year-over-year growth. Deals boosted the Toyota bZ4X to a surprising fourth position (4,666 units), ahead of the popular Hyundai Ioniq 5 (4,078.) The bZ4X's May sales don't appear to be as strong, but Toyota's EV offering should easily eclipse its total sales in 2023 very soon.
The top 10 list for the month of April reveals really strong year-over-year growth by non-Tesla EVs (some of which are caused by a low base). Another interesting entry is the all-new Tesla Cybertruck with 2,178 units, which approached the Ford F-150 Lightning's 2,509 total sales.
Top BEV models (new registrations, change YOY) - April 2024:
- Tesla Model Y: 32,922 (down 4.7%)
- Tesla Model 3: 8,912 (down 55%)
- Ford Mustang Mach-E: 5,358 (up 287%)
- Toyota bZ4X: 4,666 (up 647%)
- Hyundai Ioniq 5: 4,078 (up 93%)
- Rivian R1S: 2,855 (up 127%)
- Ford F-150 Lightning: 2,509 (up 96%)
- Tesla Cybertruck: 2,178 (new)
- Kia EV6: 2,178 (up 94%)
- Tesla Model X: 2,094 (up 11%)
If nothing changes, non-Tesla EV sales might be higher than Tesla sales in the first half of the year.
