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- EV registrations jump in June against industry-wide cooldown
EV registrations jump in June against industry-wide cooldown
Colin Velez
August 19, 2024
Rivian R1S
Attractive incentives are driving demand for electric vehicles ahead of other segments, according to new monthly registration data.
Why this matters: While the electric car market continues to be held back by high prices and limited charging, consumer pain points appear to be receding slowly but surely. The faster that happens, the faster traditional automakers can hit EV profits like Tesla and Chinese rivals like BYD.
Driving the news: EVs took the spotlight in S&P Global Mobility’s June report, outpacing performance in other auto markets.
While overall light-vehicle registrations declined 8.8% year-over-year in June, new EV registrations jumped 3.1%.
While Tesla continued to dominate the segment with 60,929 units (nearly 10 times the closest competitor), registrations for the brand actually declined 2.4% from last year, meaning legacy brands drove most of the month’s growth.
The top five brands were as follows:
Brand Volume | EV registration volume | Percent change |
|---|---|---|
Tesla | 60,929 | -2.4% |
Ford | 6,298 | +18.2% |
Kia | 5,194 | +105.9% |
Rivian | 4,982 | +8.3% |
Hyundai | 4,852 | -3.4% |
Zooming in: Looking at the numbers above, you might have noticed how rapidly Kia is overtaking its competitors in the segment. Like other brands, the company’s astronomical growth in June was helped along by a stream of EV-focused incentives.
Kia EV9 discounts averaged a whopping $18,000 by the end of the month. Consumers have purchased roughly 12,000 units since January.
Other automakers saw similar levels of growth, although they remain well behind others in volume. For example, Cadillac EV registrations were up 403.9% in June but maxed out at 2,182 units.
Bottom line: EV demand is still surging, ignoring the cooldown we’re seeing in other markets. Given that they’ve driven much of this year’s growth, whether this trend continues into the latter half of the year will probably depend on whether automakers continue leveraging big incentives and discounts.
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