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Ford, Rivian, and Toyota drive April EV registration growth in the U.S.

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.

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Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

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