Summary
Honda Prologue was the 5th best-selling EV in the US in Q3 with over 12,600 units sold
Honda’s surge in sales is impressive considering they didn’t sell any EVs a year ago
The Prologue had higher incentives and discounts compared to other EVs, offering up to $14,250 in incentives
The electric SUV starts at $50,400 with all models eligible for a $7,500 tax credit, potentially bringing prices as low as $39,900
The Honda Prologue differentiated itself with features like multi-link suspensions and Google Wireless technology while outselling competitors like Hyundai IONIQ 5 and Rivian R1S
Article
Honda’s Prologue electric SUV has become the fifth best-selling electric vehicle in the US in the third quarter, with over 12,600 models sold. This surge in sales is significant considering that Honda did not sell any EVs in the US a year ago. The Prologue is trailing behind only Tesla’s Model Y, Model 3, Cybertruck, and Ford Mustang Mach-E in terms of sales in Q3, outperforming other popular EVs such as Hyundai’s IONIQ 5 and Rivian’s R1S. Higher incentives and discounts helped boost EV sales in the US last quarter, with the Prologue being among the most discounted models.
Honda’s Prologue is based on GM’s Ultium platform and offers up to 296 miles of driving range. The electric SUV starts at $50,400, with premium trims costing upwards of $57,900. With all models eligible for a $7,500 tax credit, the Prologue’s prices can potentially drop as low as $39,900. The Prologue differentiates itself from its competitors by offering built-in Google for Wireless AppleCarPlay and Android Auto support, which GM does not currently offer. Additionally, Honda has equipped the Prologue with multi-link front and rear suspensions for a more ‘sporty’ drive.
In comparison, the Acura ZDX, Honda’s luxury electric SUV, is also heavily discounted, with nearly $30,000 in leasing discounts. With Chevy’s new electric Equinox and Blazer gaining momentum in the market, it will be interesting to see how the ranking of best-selling EVs evolves by the end of 2024. Hyundai is also launching the US-made IONIQ 5, featuring more range, a rugged new XRT trim, and a Tesla NACS charging port, which is expected to boost demand. However, Rivian is facing supply issues that have led to a reduction in its production goal for 2024, affecting the output of its R1T, R1S, and electric delivery van models.
As EV incentives in the US averaged over 12% of the average transaction price (ATP) in Q3 (higher than the industry average of around 7%), this contributed to the surge in sales of electric vehicles such as the Honda Prologue. Honda’s Prologue Elite model includes features such as Wireless AppleCarPlay and Android Auto support, with prices starting at $50,400 and potentially falling to $39,900 after the $7,500 tax credit. The Prologue competes with other popular EVs in the market, offering customers a range of options and features to consider when purchasing an electric vehicle.
Overall, the success of Honda’s Prologue in becoming the fifth best-selling EV in the US in Q3 2024 highlights the growing demand for electric vehicles and the impact of incentives and discounts in driving sales. With other automakers launching new electric models and facing supply challenges, the electric vehicle market is dynamic and constantly evolving. Consumers have more options than ever before when it comes to choosing an electric vehicle, and incentives play a significant role in influencing purchasing decisions. As the market continues to grow, it will be interesting to see how automakers adapt to meet the evolving demands of consumers.
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