Global electric car sales are showing signs of slowing down and giving a signal that is not as good as previously forecast. However, electric vehicle sales in the US market in the second quarter of 2024 continued to grow and accounted for 8% of new vehicle registrations.
According to the latest announcement, the US market consumed up to 330,463 electric vehicles in the second quarter, up 23% compared to the first quarter and up 11.3% compared to the same period in 2023. In the first quarter, the share of newly registered electric vehicles in the US reached 7.1% and increased to 8% in the second quarter.
According to Cox Automotive, this growth is due to improved supply and higher discounts on cars for users... However, despite the growth of the electric vehicle market here, Tesla's market share in the US has decreased significantly, down to 49.7%. This shows that Tesla's electric vehicles are facing fierce competition.
In addition to Tesla, other brands such as Mercedes-Benz, Porsche, Volvo, VW and Chevrolet... all have declined electric vehicle sales. Chevrolet even sold only 11,217 electric vehicles in the second quarter, down 19.6% compared to the same period in 2023 (13,959 vehicles).
However, there are still some other brands with an increase in the share of electric vehicle sales, such as Caddilac with 19,9% of electric vehicle sales, BMW with 15%, Genesis with 13%, Audi with 11%... For the representative of the electric vehicle line from Vietnam - VinFast, there was also significant growth when in the second quarter, 2,225 electric vehicles were sold in the US, an increase of 200% over the same period in 2023.
In addition, some new electric vehicle models entering the US market have also contributed to increased sales such as BMW i5, Cadillac Lyriq, Honda Prologue, KIA EV9... However, the electric vehicle models with the best sales still include Ford F150 Lightning (23,957 vehicles), Chevrolet Bolt (11,217 vehicles), Hyundai Ioniq 5 (8,032 vehicles), Cadillac Lyriq (7,294 vehicles)...
According to head of Cox Automotive Mobility - Stephanie Valdez Streaty, a quarterly increase in electric vehicle sales is a very positive signal despite Tesla's market share falling below 50% for the first time. However, the increasing competition between electric car manufacturers will cause prices to decrease, creating conditions for users to own and experience electric cars at more suitable prices in the future.
