The South Korean manufacturer, Hyundai Motor Group, ranked as the top automotive group in terms of all-electric car sales after Tesla in the U.S. in Q1 of 2024. This report analyzed the performance of traditional car manufacturers in the EV market, revealing that sales of all-electric cars by these companies almost doubled in 2023 to over 450,000 units. Hyundai Motor Group, Ford, and General Motors were among the top non-Tesla automotive groups in terms of EV sales volume for the year.
The report included data from 11 traditional manufacturers, including BMW Group, Ford Group, General Motors, Hyundai Motor Group, Mazda, Mercedes-Benz, Nissan, Subaru, Toyota Group, Volkswagen Group, and Volvo. These manufacturers collectively delivered over 102,000 all-electric cars in Q1 of 2024, representing an 18% increase compared to the previous year. Hyundai Motor Group led the pack with at least 22,872 units sold, followed closely by Ford with 20,223 units. General Motors and Volkswagen Group also performed well, selling 16,425 and 13,128 units respectively.
The competition among Hyundai Motor Group, Ford, and General Motors is expected to intensify in 2024, particularly as the ramp-up of Ultium models by General Motors progresses. Increasing sales volume often requires price cuts or incentives, making the market dynamics challenging for these companies. German manufacturers, such as Mercedes-Benz, BMW Group, and Volkswagen Group, achieved the highest EV market share in Q4 of 2023. Hyundai Motor Group improved its EV share to at least 6.0% in Q1 of 2024, while Ford saw an increase to 4.0%. General Motors maintained a relatively stable position under 3%, while Volvo’s EV share dropped significantly, awaiting the launch of new models.
The overall EV market share for traditional brands in the U.S. was estimated at over 3%, assuming a 7% average EV market share when including Tesla and other electric-only brands. The entry of Stellantis into the EV segment in Q2 of 2024 is expected to further increase non-Tesla EV sales, surpassing Tesla’s sales volume. With the evolving landscape of the EV market and the introduction of new models by traditional manufacturers, the competition and market share dynamics are likely to change in the coming quarters. It remains to be seen how these companies navigate the challenges and opportunities in the growing EV market.