Ford, Cadillac, Hyundai, & Kia EV Sales Surge in USA
I already wrote about Audi and BMW electric vehicle sales booming in the USA in the 1st quarter of 2024 compared to the first quarter of 2023. With more automakers reporting their sales numbers, we can now see that several other automakers also had strong year-over-year growth in EV sales. This goes against the narrative that EV sales, or EV sales growth, is drooping — well, that is, if you take Tesla’s poor 1st quarter performance out of the equation.
Let’s have a look at how much four other car brands grew their EV (full battery electric) sales in the 1st quarter of 2024 compared to the 1st quarter of 2023. Actually, I’ll add Audi and BMW in here as well.
- Audi — 29%
- BMW — 63%
- Cadillac — 499%
- Ford — 86%
- Hyundai — 76%
- Kia — 138%
That looks like pretty solid growth to me. Here are the numbers, looking at volumes instead of percentages this time, in chart form:
So, what actual electric vehicle models are driving this sales growth? Let’s have a closer look.
In the case of Cadillac, the LYRIQ is on fire after a gradual production and delivery ramp-up since it was introduced in Q3 2022. It logged 5,800 deliveries in the 1st quarter, up from 968 deliveries in the 1st quarter of 2023. That was also its best quarter yet, a big increase from the 3,820 deliveries of Q4 2023.
In the case of Ford, the E-Transit had its second best quarter ever thanks to 2,891 sales, only trailing the 3,861 sales of Q3 2022. However, the brand’s bigger players are the Mustang Mach-E and F-150 Lightning. Those two models were up significantly over Q1 2023 — from 5,407 to 9,589 in the case of the Mach-E, and from 4,291 to 7,743 in the case of the Lightning. Admittedly, they were indeed down compared to Q4 2023, but it is a common trend in the industry for the 1st quarter to be a weaker sales quarter.
Moving over to Hyundai, the IONIQ 5 was up slightly, from 5,736 in Q1 2023 to 6,822 in Q1 2024. However, there’s also now the IONIQ 6, which rose from 222 sales in Q1 2023 (its first sales quarter) to 3,646 in Q1 2024.
Last, but clearly not least, we come to Kia. The EV6 grew from 3,392 sales in Q1 2023 to 4,059 sales in Q1 2024. However, again, it was a new entrant that really provided the boost. The EV9 was not on the market a year prior, and then logged 4,007 sales in Q1 2024, its second quarter on the market.
So, there’s the story of significant portions of the US EV market at the moment. More to come in the full report when all numbers are in and crunched. As we can see, though, things are looking pretty bright for big brands in terms of US EV sales.
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