Summary
- The US electric vehicle (BEV) market is evolving, with more models and brand choices becoming available
- Tesla’s market share in the US BEV market has dropped below 50%, marking a significant milestone
- Ford, Kia, and Hyundai are the next top brands in the US BEV market
- Only six auto brands had enough sales in the quarter to be on track for 50,000+ annual BEV sales
- The sales numbers of individual BEV models show that Tesla’s Model Y and Model 3 lead the pack, with the Ford Mustang Mach-E in third place.
Article
The US electric vehicle (BEV) market is evolving with more models, brand choices, and a shift in market share. Tesla has dropped below 50% of the US BEV market for the first time in several years, down from its peak of around 80%. Other brands like Ford, Kia, and Hyundai are gaining ground in the market, with Hyundai and Kia teaming up for a solid partnership in terms of market share. However, Tesla still dominates the market with nearly 50% share, a significant share for any company.
Only six auto brands in the US got enough sales in the quarter to be on track for 50,000+ annual BEV sales, with only four legacy automakers meeting this threshold. The US auto market is not electrifying fast enough, with only a small percentage of auto sales being BEV sales compared to China and Europe. Tesla’s Model Y and Model 3 continue to lead in sales volume, with the Ford Mustang Mach-E and Hyundai IONIQ 5 following closely behind. The market now offers more variety with over 50 models available, showing progress in the industry.
In terms of year-over-year improvements in units sold, a diverse range of models have shown growth, including the Tesla Cybertruck, BMW i4, Chevy Blazer EV, Cadillac LYRIQ, Kia EV9, and Toyota BZ4X. This diversity indicates a maturing market with more options for buyers. The percentage change in sales also reveals luxury vehicles and stragglers catching up to the party, with models like the Cadillac LYRIQ, Lexus RZ, and Toyota BZ4X showing significant growth. Other models like the Nissan ARIYA, Kia Niro EV, Ford E-Transit, and Ford F-150 Lightning have also seen impressive progress.
The market continues to evolve with more options for consumers and a shift in market dynamics. While Tesla still holds a significant share of the US BEV market, other brands are gaining ground and offering competitive models. The industry needs to accelerate the electrification of the US auto market to catch up with other regions like China and Europe. The diverse range of models and improvements in unit sales indicate a maturing market with more opportunities for buyers to choose electric vehicles. Further analysis of BEV share among automakers’ overall auto sales will provide more insights into the industry.
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