Some EV brands making gains despite cooling market

Headlines daily remind us that EVs aren’t going to take over the world just yet, as they also tell us how automakers are responding to the next detour in the revolution. Electric vehicles aren’t dead, though, and an S&P Global Mobility report shows some EV makers are making gains within the downturn. The big-print news is that whereas new EV registrations throughout the full 2023 calendar year were up 52% over 2022, new EV registrations in January 2024 were “only” up 15% over January 2023, accounting for 7.8% of the light-vehicle market in the U.S. compared to 7.1% in January 23. And the EV tide rose inside of a larger vehicle market, buyers taking home more than 1.1 million cars in January, 4.7% more than a year ago. Over the full 2023 calendar year, new EV registrations made up 7.7% of the light-duty market, so January’s numbers are about holding steady, not losing ground. When the story for the past few years has been that EVs are the present, though, holding steady is doom.

Naturally, Tesla still holds a massive lead over every other EV maker, its 48,757 registrations in January a 15% jump over Tesla’s January 2023 tally, at the same time outdoing the combined total of the other 30 EV makers on the list. Tesla’s Model Y took up two-thirds of the total, its 32,248 registrations a 35% gain over January 2023; the Model 3 contributed another 11,739 deliveries, down 23% from last year.

The big movers away from the juggernaut were Kia with 3,717 registrations thanks to the EV6 and new EV9, more than doubling last year’s January total; Hyundai, up 79% with 4,144 registrations; BMW, its i4 and iX numbers taking it up 47% to 3,564 registrations; and Rivian increasing 46% to 3,818 registrations thanks to its R1S and electric vans. 

Ford came second in overall registrations with 5,429 units, but that number is 17% less than last January because of cratering Mustang Mach-E sales. Chevrolet, third overall with 4,353 units, endured even more pain, the Bolt’s departure sending registrations plunging 42% compared to last year. If GM were considered as a whole, it would still be third on the charts thanks to Cadillac’s 2,145 Lyriq registrations. The Hyundai Group would overtake Ford for second place with 8,262 registrations between Hyundai, Kia, and Genesis.

S&P’s separate market analysis breaks down some overall trends for 2023. On the EV side, combined registrations for the Model Y and Model 3 were more than half of EV registrations last year, and although there are 83 electric vehicles on sale in the U.S., the top 10 were 75% of total EV sales in 2023.