Summary
- EV market continues to grow globally, including in the US
- Sales of 100% electric vehicles in the US increased by 16% in Q2 2024 compared to Q2 2023
- EV sales growth is substantial even when excluding Tesla sales
- BEVs accounted for 8.1% of US auto sales in Q2 2024
- Gas car sales were down by 1% from Q2 2023 to Q2 2024
Article
The electric vehicle market is continuing to grow globally, including in the United States, where sales of 100% electric vehicles increased by 16% in the second quarter of 2024 compared to the same period in 2023. While there was a more significant increase in sales from 2022 to 2023, the overall growth from Q2 2022 to Q2 2024 shows nearly a doubling of sales in two years. Despite claims that EV sales are not growing fast enough, excluding Tesla from the equation reveals that non-Tesla BEV sales continued to grow strongly.
In volume terms, there were 46,000 more electric vehicles sold in Q2 2024 than in Q2 2023, with quarterly sales increasing by 156,000 from Q2 2022. BEVs have seen a steady increase in market share, rising from 3.3% of US auto sales in Q2 2021 to 8.1% in Q2 2024. However, there remains a challenge in transitioning away from gasoline-powered vehicles, with gas car sales down by 1% from Q2 2023 to Q2 2024. While there have been improvements, progress in reducing gas car sales remains slow.
The growth of BEVs in the US market may face some challenges if Tesla does not return to its previous growth rate. Legacy automakers’ communications suggest that achieving 50% BEV growth per year may be unrealistic at this time. However, the introduction of options like the Cybertruck and potential mass production of robotaxis could help boost Tesla’s growth. Additionally, the upcoming release of smaller crossover and SUV options from Rivian may lead to a surge in sales, but the industry will have to wait and see how these developments unfold.
Overall, the goal is to reach a tipping point where BEVs make up a significant portion of new vehicle sales, signaling a shift towards cleaner transportation. While progress has been made, there is still room for improvement in accelerating the transition away from gasoline-powered vehicles. The hope is that BEVs can reach this tipping point in the near future, prompting a more rapid shift towards electric vehicles in the US auto market.
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