The electric vehicle (EV) market continues to show growth despite discussions of a potential slowdown. In March, EV registrations increased by 3.8%, with notable surges in sales from automakers like Hyundai and Ford.
According to the latest data from S&P Global Mobility, various automakers saw a boost in market share in March. Price cuts and lease deals contributed to increased demand in the first quarter, with automakers introducing new affordable models such as the Volvo EX30 and Chevy Equinox EV. This has led some experts to predict a positive momentum for the EV market in 2024.
Although the growth in March was modest, the EV market share in the light vehicle segment rose from 6.8% to 7.1%. In the first three months of the year, electric vehicle registrations grew by 5.2%, totaling 264,268 units and capturing a 6.9% market share.
Market leader Tesla experienced a decline, with registrations dropping by 12% in March. This decline in Tesla’s market share from 61.5% to 52.4% is attributed to the struggling performance of the new Model 3.
Despite Tesla’s challenges, other automakers like Hyundai and Ford saw significant growth in EV registrations in March. Ford, in particular, experienced triple-digit growth and secured the second position in the market.
Ford’s success was driven by substantial price cuts, leading to an 86% increase in electric vehicle sales in the first quarter. The Mustang Mach-E and F-150 Lightning emerged as top contenders in their respective categories.
Hyundai also made significant strides, doubling EV registrations in March. Its models such as the IONIQ 5, IONIQ 6, and Kona Electric saw strong demand, helping Hyundai secure the third spot in the market.
In comparison, luxury automakers like BMW and Mercedes-Benz experienced double-digit growth in EV registrations. Rivian, with flat registrations in March but a 30% increase in the first quarter, remains a contender in the EV market.
While some automakers faced challenges, new models like the Chevy Equinox EV and Blazer EV are expected to reignite growth. Nissan’s Ariya electric SUV gained traction in the US market with 1,661 registrations.
With an array of exciting EV models entering the market, the competition among automakers is set to intensify, making 2024 a promising year for electric vehicles.
Source: Automotive News
