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In the following article, we’ll be looking at EV (full battery electric/BEV) market share in three different ways for the year 2024 and in the same three ways for Q4 2024.
We’ll be examining the EV share of all auto sales for the auto brands that produce and sell electric vehicles in the USA, and we’ll be doing the same for automotive groups and alliances. After that, we’ll be looking at the share of the US EV market each of those brands has earned. Then we’ll take a look at which auto brands have been moving the biggest EV volumes.
Somewhat shockingly, Mercedes tops the charts for the share of its sales that are electric (12.3%). Volkswagen follows, with 11.5% of its sales being electric, or 11.1% in the case of Volkswagen Group. Interestingly, the brands in the top five or six all happen to be premium brands.
Three of the four brands with 10% EV share or above are Volkswagen Group brands, while the other one is Mercedes. Then you’ve got Volvo at 8.3% and Cadillac at 6.2%. After those premium brands, the results really aren’t great (and one could argue the Volvo and Cadillac figures aren’t great either), but perhaps Hyundai gets a nod for being the mass-market manufacturer with the greatest EV share (5.9%). Note that Volkswagen is a mass-market manufacturer globally but is a more limited brand with a premium feel in the United States.
Looking at the 4th quarter results doesn’t change a lot, but we can see that the EV share at Mercedes jumped a few percent (from 12.3% in the year as a whole to 15.0% in the 4th quarter), Ford jumped up a couple percent (from 3.8% in the year as a whole to 5.6% in the 4th quarter), Hyundai–Kia climbed a little bit (from 4.2% to 4.8%), and Geely fell off a cliff (from 8.3% for the year as a whole to 1.5% in the 4th quarter). Also, on the brand side of things, Cadillac grew a few percent (10.1% in the 4th quarter versus 6.2% for the year as a whole). And keep in mind that the year-as-a-whole figures include the 4th quarter figures.
Clearly, big-time laggards are Mazda and Toyota. However, we should note that there are brands that are worse, as some brands don’t even sell any BEVs.
Jumping to the topic of BEV market share, Tesla rules the roost again, with 56.2% of the US BEV market in the 4th quarter and 59.1% in the year 2023 as a whole. I wrote about that much more here. Ford is notable at 6.5% in 2023 and 8.5% in the 4th quarter, and Chevrolet is the second most consequential mass manufacturer at 5.6% in 2023 and 4.4% in the 4th quarter (but going the wrong way, opposite of Ford). Then you already get to Rivian holding 4.5%–4.6%.
Mercedes and Volkswagen are in the middle of the table there, but they deserve a callout since they have such a high share of their sales being BEV sales (relatively speaking).
And, to wrap things up, here’s a look at those same results in volume terms rather than percentage terms:
There’s a lot of work to do in the US market, with few bright spots aside from Tesla’s massive leadership. What would we do without Tesla?
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