New EV registrations post impressive gains in April, non-Tesla brands up 69%

Incentives moved EVs at a faster clip in April, rising 14% year-over-year for a total of 102,317 new registrations. 

Driving the news: According to data from S&P Global Mobility (via Automotive News), EV registrations, compared to a year ago, outpaced the overall market by 6.7%.

By the numbers:

1. Tesla Model Y: 32,922 (-4.7% year-over-year)

2. Tesla Model 3: 8,912 (-55%)

3. Ford Mustang Mach-E: 5,358 (+287%)

4. Toyota bZ4X: 4,666 (+ 647%)

5. Hyundai Ioniq 5: 4,078 (+93%)

6. Rivian R1S: 2,855 (+127%)

7. Ford F-150 Lightning: 2,509 (+96%)

8. Tesla Cybertruck: 2,178 (new)

9. Kia EV6: 2,178 (+ 94%)

10. Tesla Model X: 2,094 (+11%)

What’s more: Non-Tesla brands saw 69% gains, totaling an estimated 54,967 EVs sold and making up nearly 53.7% of the EV market. Tesla sold 47,350 EVs in April, making up just 46.3% of the market, declining from 63.8% a year ago.

Why it matters: Despite a recent lull, EV registrations are picking up steam thanks to attractive incentives like bonus cash, subsidized financing, and attractive lease offers making them more price-competitive with traditional gas-powered cars.

Notable deals:

• Based on an analysis from Cars Direct, current Toyota bZ4X incentives can amount to as much as 40% off MSRP.

• Through July 1, Hyundai is offering 0% financing for up to 60 months on all versions of the 2024 IONIQ 5.

• An electric Ford Mustang Mach-E now costs less than the gas-powered model.

Bottom line: Though EV sales gains for non-Tesla brands are very impressive for April, it’s vital to remember that automakers are piling on massive incentives and selling for major losses (mainly to clear out their heavily aging inventory). How sustainable this is long term remains to be seen.

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