In July, electric vehicle (EV) registrations rose by 18 percent compared to the same period last year, driven by popular new models like the Tesla Cybertruck, according to data from S&P Global Mobility.
Tesla saw a 1.2 percent increase in registrations, marking the end of a five-month decline, with 5,175 Cybertruck deliveries contributing to its growth. In contrast, all other electric pickups collectively sold 5,546 units, reports Automotive News.
Overall, EV registrations in July reached 118,273, up from 100,620 in July 2023. Tesla maintained its lead in the market with 48 percent of all new EV registrations, though this represented a drop from its 56 percent share in the same month last year.
“The combination of established EV models and new entrants is driving strong results,” said Tom Libby, an analyst at S&P Global Mobility. Tesla’s return to growth helped the overall EV market rebound from slower growth in previous months.
Generous incentives also played a role in boosting sales. Major discounts included nearly $19,703 on the Kia EV9, $13,015 on the Volkswagen ID.4, and $7,035 on the Honda Prologue, based on data from Motor Intelligence.
These incentives helped EVs approach price parity with traditional gasoline vehicles, but Libby warned that without these discounts, sales might decrease significantly.
Cybertruck is outselling all EV trucks combined right now.
The Tesla Cybertruck, which starts at $100,000, is currently outselling the combined sales of all these EV pickup trucks:
• Ford F-150 Lightning
• Rivian R1T
• Chevy Silverado EV
• GMC Sierra EV
• Hummer EV pic.twitter.com/62OnOe1eDT— Sawyer Merritt (@SawyerMerritt) September 16, 2024
Tesla’s overall performance was positive, but the company faced some challenges. Registrations for its Model 3 sedan dropped by 31 percent in July compared to the previous year, with a 45 percent decline for the year to date. This drop coincided with the loss of the federal EV tax credit for the base Model 3 due to new battery sourcing rules.
Other automakers also posted significant gains in July. Ford’s registrations increased by 67 percent, while Chevrolet saw a 25 percent rise. Rivian, despite some challenges, posted a 35 percent increase, while Hyundai and Kia also recorded strong results, although Hyundai’s numbers declined slightly.
Non-Tesla EV models experienced a 38 percent rise in registrations, highlighting growing competition in the market. “We’re seeing a wave of competitive EVs that are starting to impact Tesla’s dominance,” Libby said.
