Electric vehicle (EV) registrations in the U.S. saw significant growth in April 2024, driven by drastic price cuts and incentives leading to over $10,000 in savings on some models. According to S&P Global Mobility data, EV registrations increased 14% year-over-year, with 102,317 electric cars registered, making up 7.4% of total light-vehicle registrations. This outpaced the overall light-vehicle market, which grew by 7.3%.
Several leading EV brands, excluding Tesla, experienced substantial growth. Toyota’s bZ4X led with a 646% year-over-year increase, registering 4,666 units compared to just 625 in April 2023. This surge followed a slow ramp-up due to a 2022 recall. Ford’s Mustang Mach-E also saw a remarkable 287% increase, with 5,538 registrations, boosted by recent price cuts and lease incentives. The Ford F-150 Lightning, America’s top-selling electric pickup, recorded a 96% rise in registrations, from 1,282 to 2,509.
Rivian’s R1S experienced a 127% growth, with 2,855 registrations, up from 1,259 in April 2023. The Hyundai IONIQ 5 continued its strong performance with a 93% increase, registering 4,078 units. Kia’s EV6 saw a 94% rise, with 2,178 registrations compared to 1,124 the previous year.
In contrast, Tesla’s EV registrations declined. The Model Y saw a 4.7% drop, with 32,922 registrations compared to 34,542 in April 2023. The Model 3 had a significant 55% decrease, with registrations falling from 19,844 to 8,912. Factors like the upcoming Model 3 launch contributed to the lower numbers.
Automakers are expected to continue offering discounts and savings to boost EV sales. For instance, Ford reduced Mustang Mach-E lease prices by up to 400% in June. Hyundai provides a $7,500 cash bonus on all EV models, including the IONIQ 5, IONIQ 6, and the new Kona Electric.
Tom Libby, associate director of industry analysis at S&P Global Mobility, noted that automakers are aligning EV prices with internal combustion engine (ICE) models, driving sales. This trend will likely maintain momentum, ensuring continued growth in the EV market.
