The apparent slowdown in electric vehicle sales in the United States this year may just be a “blip,” according to Bloomberg. The data also implies that the downturn may not be as bad as most analysts, automakers, and industry followers thought.
Data shows YoY sales growth despite early 2024 slump
According to the report, sales data in the first quarter of the year makes the electric vehicle downshift in the US market look more like a blip. It cited the sustained EV sales growth year over year until Q1 2024.
Recent market apprehensions over apparent waning demand have seemed to fail to discourage customers from buying electric vehicles.
In addition, Tesla remains the sole high-volume electric automaker in the US market despite its weak delivery performance in the first quarter of the year.
“We’re still seeing growth in demand, just not at the same pace for every brand. Right now Tesla doesn’t have new models, Ford doesn’t have a lot in the pipeline. But Hyundai, BMW, Kia, Cadillac — they’re really moving the needle forward.”
Stephanie Valdez-Streaty, Cox Automotive director of industry insights
Most automakers enjoyed strong EV sales growth in Q1 2024
Presented below are the top 10 automakers in electric vehicle sales in the US market, along with their Q1 2023-2024 sales and YoY growth:
| Company | Q1 2024 | Q1 2023 | Change | Change % |
| Tesla | 140,187 | 161,630 | -21,443 | -13.3% ▼ |
| Hyundai/Kia | 22,936 | 14,691 | 8,245 | +56.1% ▲ |
| Ford | 20,223 | 10,866 | 9,357 | +86.1% ▲ |
| GM | 16,425 | 20,670 | -4,245 | -20.5% ▼ |
| Volkswagen | 13,806 | 15,723 | -1,917 | -12.2% ▼ |
| Rivian | 13,588 | 8,558 | 5,030 | +58.8% ▲ |
| Mercedes | 12,250 | 7,341 | 4,909 | +66.9% ▲ |
| BMW | 11,455 | 7,260 | 4,195 | +57.8% ▲ |
| Nissan | 5,284 | 5,214 | 70 | +1.3% ▲ |
| Toyota | 3,500 | 1,883 | 1,617 | +85.9% ▲ |
According to the report, the Tesla Model Y electric SUV accounted for a little more than a third (35.4%) of all EV sales in the US in Q1 2024. Its sibling, the Tesla Model 3 electric sedan, followed with an 11.3% market share. Ford’s Mustang Mach-E advanced in the third spot with a 3.5% market share, followed by Rivian R1S with a 2.9% share. The top five were completed by the Ford F-150 Lightning, with a 2.8% market share.
Analysts urge traditional automakers to accelerate EV production to catch up
As previous reports revealed, several traditional automakers have expressed concerns over waning electric vehicle demand due to slower-than-expected uptake.
Some automakers in the US have even delayed or canceled their already planned investments and projects related to electric vehicles. According to the report, these pullbacks are partly due to Tesla’s year-on-year EV sales decline.
Several analysts are urging traditional automakers to strive to achieve large-scale electric vehicle production to at least make a dent in Tesla’s market share.
“Automakers are probably freaking out too much, as usual, but there is a bit of a Tesla issue. If they want to start taking market share, or even just perform at a high level, they need to start producing EVs at mass volume.”
BloombergNEF’s Corey Cantor
Despite the recent EV sales slowdown, Bloomberg remains optimistic that the market will see more sales growth throughout 2024. Other organizations, including the International Energy Agency (IEA), are even projecting even higher sales volume growth this year.
