According to a recent Kelly Blue Book study, electric vehicle (EV) sales in the U.S. reached new heights in the second quarter of 2024, with 320,463 units sold—a notable 23% increase from the previous quarter and an 11% rise compared to the same period last year. Despite discussions of a potential EV market slowdown, more models are hitting the streets, intensifying competition and significantly reducing prices.
For the first time, 18 EV models surpassed 5,000 sales in a single quarter, with Tesla, Ford, and Hyundai leading the charge. Tesla maintained its dominance with the Model Y and Model 3, which together accounted for nearly half of all EV sales. However, Tesla’s market share slipped below 50% for the first time, highlighting the growing influence of other automakers.
Newcomers like Toyota’s bZ4X, Kia’s EV9, and Chevrolet’s Blazer EV joined the 5K sales club, contributing to the overall market growth. Hyundai Motor Group, including its Hyundai, Kia, and Genesis brands, surpassed Ford to become the second-best-selling EV brand in the U.S., capturing 10% of the market share. This shift underscores the increasing competition in the EV sector, with automakers racing to offer attractive products at competitive prices.
While still trailing Tesla, Ford outperformed General Motors (GM) by selling nearly 24,000 EVs in Q2. GM’s new electric models, including the Blazer, Equinox, and Silverado, added over 21,000 units to the company’s total yet fell short of Ford’s numbers.
The competitive landscape is driving prices down as automakers introduce significant incentives. For instance, Kia’s new EV9 was sold with an average discount of over $18,000 in June, making it one of the most heavily discounted EVs on the market. Meanwhile, Subaru’s Solterra, which narrowly missed the 5K sales mark, emerged as the most discounted vehicle overall, selling for 12% below its MSRP.
As more models enter the market and EV technology continues to advance, the sales momentum is expected to persist, with the number of high-performing models likely to increase by year’s end.
