US EV Sales Soar, Thanks To Generous Incentives

Sales of battery-electric vehicles in the United States have moseyed along for much of the year but registration data only now reported from July reveals a significant spike that allowed Tesla to snap a five-month losing streak and other brands to also report positive growth.

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Data from S&P Global Mobility reveals that new EV registrations jumped 18% in the US in July. A total of 118,273 new EVs were registered in the US that month compared to 100,620 in July 2023. This led to an increase in the EV share of the light-vehicle market to 8.5%, up from 7.6% twelve months ago.

Read: German Car Sales Plunge In August As EV Slump Worsens

Tesla remains the undisputed leader of the segment. In July, no less than 57,134 new Tesla vehicles were registered in the United States, representing a 1.2% increase compared with the same month a year earlier, in part thanks to the arrival of the Cybertruck. The carmaker had a 48% share of all new EV registrations, a drop from the 56% share it had previously.

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EV registrations jumped for plenty of other manufacturers, too. For example, 9,504 EVs from Ford were registered in July, as 67% increase. Registrations at Chevrolet also rose by 25% to 5,901, those at BMW jumped 27% to 5,483, Kia’s EVs grew 62% to 4,810 units, Rivian registrations spiked 35% to 4,545, and Nissan reported a 108% increase to 3,496 vehicles. It wasn’t good news for all brands, though, as Hyundai experienced a 14% dip to 5,385 units, but when combined with Kia and Genesis, it retained its position in second place behind Tesla, reports Auto News.

US EV Sales In July 2024

According to S&P Global Mobility analyst Tom Libby, “The results are a combination of good performance by EVs that have been in the market for a while and the addition of several new models.” Additionally, generous EV incentives are helping to boost sales.

“The caveat is that at full MSRP prices, these EV products will not sell,” Libby noted. “They are being heavily incentivized to put their price point near internal combustion vehicles. If the incentives were pulled off, I think sales would drop tremendously.”

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