Summary
– GM reported strong gains in US auto industry sales in the first half of 2024, including 38,355 EVs sold
– Kia had the highest first-half EV sales in its history, with a total of 29,392 EV models sold in 2024
– BNEF predicts a surge in EV sales in the US, with a projection of 4.5 million EVs sold in 2027
– Ford plans to launch an affordable EV under $30,000 by 2027 and emphasizes the importance of smaller, more affordable EVs
– The future of the EV market is uncertain due to potential policy changes and the impact of partisan influences.
Article
The US auto industry saw strong gains in sales numbers at the end of the first half of 2024, with GM reporting deliveries of 696,086 vehicles in the second quarter and 1,290,319 total vehicles in the first half of the year. GM highlighted its focus on an all-electric future with the Ultium battery platform powering a range of vehicles, including the Cadillac Lyriq and all-electric Hummer. The company’s EV sales were robust, with the Cadillac Lyriq outselling every European brand EV in the US. The Chevy Blazer EV and Chevy Equinox EV are also available in showrooms to contribute to electric car sales.
Kia also saw strong EV sales in the first half of 2024, delivering its highest first half EV sales in company history. The company sold more than 5,000 all-electric vehicles for the third consecutive month and 29,392 total EV models through the first six months of the year, indicating significant growth momentum in EV sales. Kia’s growing selection of hybrid, plug-in hybrid, and all-electric utility vehicles is providing customers with a balanced lineup, with anticipation of increased demand in the second half of the year.
BNEF predicts a surge in EV sales in the US, with electric vehicles making up almost a third of new car sales by 2027. New, more affordable EV models from automakers like Ford, Rivian, and Tesla, along with increased manufacturing capacity from companies like Hyundai, BMW, and Toyota, are expected to drive this growth. By 2027, US EV sales are projected to reach 4.5 million units, with EVs accounting for 48% of new passenger vehicle sales by 2030. California remains a leader in vehicle electrification, with EV models expected to represent 65% of new car sales in the state by 2030.
Despite a recent slowdown in global EV sales, BNEF forecasts a 21% annual increase in EV sales between now and 2027. The organization predicts that plug-in hybrid EVs will continue to account for about 20% of new car sales in the US, with models like the Jeep Wrangler 4xe, Toyota Prius Prime, and Toyota RAV4 Prime offering modest electric-only ranges. In China, PHEV sales saw a 55% jump last month, demonstrating potential for increased adoption if affordable long-range models are developed.
Looking ahead to 2027, there is anticipation for a rapid growth stage in the EV revolution, with GM and Ford both making plans for new plug-in hybrid and affordable EV models. Ford’s CEO emphasized the importance of smaller, more affordable EVs for society and EV adoption, highlighting the need for a shift away from larger, heavier vehicles. Ultimately, the future of the EV market will be influenced by policy decisions and market dynamics, with potential for significant growth but also uncertainties based on regulatory changes and market trends.
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