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Actually, wait, Tesla still sells more electric cars in the USA than every other automaker combined. The company accounted for 55% of US EV sales in the first quarter.
First, let’s look through some charts. Then, I’ll get to editorializing on this.
These first four charts show the share of the US EV market different auto groups and different auto brands had in the first quarter of 2024.
As you can see there, Tesla’s 55.2% share of the market is not comparable to anything else. It’s hard to highlight any other companies considering how far behind Tesla they are. However, excluding Tesla from the equation, Ford is the standout leader, with 8% share of the US EV market last quarter. Then, combining Hyundai and Kia, we get to another 7.3% of the US EV market. Those companies (Ford, Kia, and Hyundai) account for one third of the non-Tesla EV market. Aside from those three, you’ve got GM, Rivian, and Volkswagen Group above 5% — at 6.5%, 5.3%, and 5.2% of the market, respectively.
On to model sales.
This chart makes it even harder to look beyond Tesla and be positive. Tesla just sells so many more units of the Model Y and Model 3 that it’s hard to believe the other automakers are trying.
But, if you want to pull out the leaders among the rest, you’ve got good performances from the Ford Mustang Mach-E and the Ford F-150 Lightning. Good on Ford.
Overall, we can see that EV sales continue to rise strongly in the US. Yes, there was a slight drop in Q1 2024 compared to Q1 2023, but that was down to Tesla’s sales decreasing a bit (note that Tesla attributed this to pausing the Model 3 production line in order to launch the new “Highland” version of the Model 3. Compared to Q1 2022, EV sales are up enormously.
Yes, that’s 71% growth in the 1st quarter of this year compared to the 1st quarter of 2022 (and a 4% decline year over year).
The problem is how much the US EV market depends on Tesla sales. If Tesla’s sales are up, US EV sales will surely be up. If Tesla’s sales are drooping, then discussions can devolve quickly. The US market has been diversifying, and it just needs to keep doing so by selling more and more EVs.
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