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Earlier today, we delved into the all-electric auto sales data for non-Tesla brands in the U.S. during Q2 of 2024. Now, it is time to explore the growth or decline of EVs for the major automobile corporations themselves in the latest quarter. Once again, let us applaud Hyundai Motor Group – comprising Hyundai, Genesis, and Kia – for maintaining its position as the leading non-Tesla EV seller in America.
In Q2, non-Tesla Electric Vehicle sales surged to an all-time high, with numerous manufacturers boosting their sales volumes and some new players entering the market.
Conventional manufacturers engage in their EV competition
Hyundai Motor Group, Ford, and General Motors continue to be among the leading non-Tesla automotive groups in terms of EV sales volumes. They all notably increased their EV sales in Q2.
This analysis covers 11 conventional manufacturers for which consistent data is accessible: BMW Group (BMW and Mini, excluding data for the Mini Cooper SE model), Ford Motor Company (Ford and Lincoln, producing plug-in hybrids excluding full EVs at present), General Motors (the BrightDrop division, Cadillac, Chevrolet, GMC), American Honda (Honda and Acura), Hyundai Motor Group (Hyundai, Kia, and Genesis), Mercedes-Benz (excluding its van division), Nissan, Subaru, Toyota Motor Corporation (Toyota and Lexus), Volkswagen Group (Volkswagen, Audi, and Porsche), and Volvo.
Not all manufacturers disclose their U.S. sales data, particularly newer entrants like Tesla, Rivian, Polestar, Lucid, Fisker, and VinFast. They do not provide sales breakdown by country or region, hence their figures are not included in this report. Furthermore, they are already fully electric.
Electric Vehicle Sales by Automobile Groups – Second Quarter 2024
The 11 listed traditional automaker groups collectively delivered over 142,000 all-electric vehicles in the U.S. during Q2 of 2024, marking a 36% increase compared to the previous year.
Three automotive groups (excluding Tesla) surpassed 20,000 units – Hyundai Motor Group with a minimum of 35,401 units, Ford with 23,957 units, and General Motors with 21,930 units. Concerning Hyundai, we state “minimum” as data for the Hyundai Kona Electric model is combined with the gas-powered Kona.
Hyundai Motor Group achieved an impressive 74% year-over-year growth rate, solidifying its position as the top non-Tesla EV manufacturer. Ford also demonstrated a commendable 61% year-over-year increase, while GM expanded by 40% year-over-year, despite the absence of the Chevrolet Bolt influencing new EV sales.
Conversely, we observe that some manufacturers are facing challenges as the competition intensifies. The Volkswagen Group experienced a 15% year-over-year decline to 11,904 units. It was surpassed by BMW Group (14,081 units). The rising Toyota Group (11,607 units, up by over 300%) closely followed. Rivian likely sold over 10,000 units in Q2 in the U.S. (global volume being 13,790).
Volvo’s EV sales significantly decreased in Q2 to only 1,011 units (down by 79% year-over-year), not aided by the delayed market entry of the EX30 and EX90 models. Meanwhile, we welcome Honda Group with a combined total of 1,873 Acura and Honda EV sales.
A newcomer to the EV market is Stellantis, which recorded initial sales of the Fiat 500e model in Q2, although exact figures are uncertain (possibly up to 163 units). This number is too insignificant to be included in the charts. Hopefully, accurate data will be accessible in the upcoming reports.
* Excludes Tesla and other companies for which data was not available
** Hyundai sales without the Hyundai Kona Electric model
*** BMW Group sales without the Mini Cooper SE
**** Mercedes-Benz without eSprinter van
Now, let’s inspect the proportion of these automakers’ total sales that are electric. Several have pledged to achieve 100% zero-emission status in the future, making this metric a significant indicator of their advancement.
It is worth noting that presently, this metric remains somewhat skewed. Not all brands under specific groups offer EVs, leading to lower averages for the major conglomerates compared to standalone electric vehicle manufacturers.
In Q2, BMW Group achieved the highest EV share, at least 14.5%, and Mercedes-Benz reached 11.4% excluding its van lineup. However, the latter indicated a considerable decline from 17.1% in the prior year.
These top two premium German automakers dominate, but behind them, notable shifts are observed. Hyundai Motor Group boosted its EV share to a minimum of 8.1% from 4.6% a year ago, securing the third spot among conglomerates ahead of Volkswagen Group, which dropped to 7.0% from 9.2% in Q2 2023.
Ford advanced its position to 4.5% from 2.8% a year earlier and appearsCertainly leading the pack. General Motors has surged to a 3.2% market share, an increase from 2.3% a year earlier, marking a strong recovery from a sluggish period dubbed as the Bolt EV retirement influence.
An intriguing development is the significant boost in the combined EV market share of Toyota and Lexus, which has quadrupled to 1.9%. Additionally, Honda and Acura are kickstarting their EV journey with an initial 0.5% market share.
* Data for Tesla and other OEMs not included
** Excludes Hyundai Kona Electric from Hyundai sales
*** Mini Cooper SE not considered in BMW Group sales
**** Mercedes-Benz sales (excluding vans)
Anticipate a rise in non-Tesla EV sales in the upcoming quarters, both in terms of volume and market share, potentially surpassing Tesla. Excitingly, we are looking forward to the arrival of numerous new brands and a double-digit count of fresh EV models.
