EV registrations had been up 15% within the US in January. Though Ford and GM’s EV registrations slipped, Rivian (RIVN) and Hyundai noticed a number of the largest progress.
Tesla nonetheless leads the pack
Electrical autos accounted for 7.8% of latest US light-vehicle registrations in January, up from 7.1% in Jan 2022. That’s additionally up from 7.7% in 2023.
In accordance with S&P International Mobility registration information (by way of Automotive Information), the expansion was uneven throughout the competitors.
The info is critical as not all automakers launch month-to-month gross sales numbers. Tesla’s registrations had been up 15%, consistent with the common, at 48,757. Mannequin 3 registrations had been down 23% after dropping the $7,500 EV tax credit score. Tesla additionally launched an up to date mannequin.
Tesla’s best-selling Mannequin Y had 11,739 registrations in January, up 35% YOY. The Mannequin X (+32%) and Mannequin S (+68%) each had YOY progress. After launching in November, the long-awaited Tesla Cybertruck had 72 registrations.
Rivian and Hyundai had been among the many leaders in EV registration progress. Rivian’s R1S led the expansion whereas Hyundai’s IONIQ 5 picked up the tempo.
Hyundai, Rivian see EV registration progress in January
In the meantime, Ford and Chevy had fewer registrations than the 12 months earlier than. Mustang Mach-E registrations fell 38% (1,977), whereas the F-150 Lightning gained 4.5% YOY( 2,956). The F-150 Lightning topped Rivian’s R1T for the best-selling electrical pickup title.
GM’s Chevy was third with EV 4,353 registrations. After ending manufacturing of its best-selling Bolt earlier this 12 months, registrations fell 45% to 4,119. The brand new Chevy Blazer EV (which is simply coming off a stop-sale) and Silverado EV had 234 registrations mixed.
Hyundai had a giant month with 4,144 EV registrations in Jan, up 79% YOY. The IONIQ 5 had 2,436 registrations (+47% YOY), whereas the IONIQ 6 had 1,063.
| Place | Automaker | EV registrations in January 2024 |
| 1 | Tesla | 48,757 |
| 2 | Ford | 5,429 |
| 3 | Chevrolet | 4,353 |
| 4 | Hyundai | 4,144 |
| 5 | Rivian | 3,818 |
| 6 | Kia | 3,717 |
| 7 | BMW | 3,564 |
| 8 | Mercedes-Benz | 3,341 |
| 9 | Cadillac | 2,145 |
| 10 | Volkswagen | 1,836 |
With Kia and Genesis included, Hyundai Motor topped Ford and Chevy with 8,262 registrations in January.
EV startup Rivian trended increased, putting fifth, with 3,818 registrations. Regardless of R1T numbers slipping 44%, the R1S picked up the slack, with registrations quadrupling.
Kia was sixth after EV registrations greater than doubled YOY. Its new three-row EV9 is off to a powerful begin with 1,361 registrations. The EV6 had 1,338, whereas the Niro EV had 1,018.
Different automakers, together with BMW, Mercedes-Benz, and Cadillac, noticed EV registration progress in January. In the meantime, registrations of Volkswagen sole ID.4 fell 47%.
With many automakers preventing for a similar phase in mid-size electrical SUVs, a number of have launched vital offers to undercut the competitors. For instance, Hyundai is providing 0% APR on the 2024 IONIQ 5. The supply might quantity to as much as $7,800 in financial savings in comparison with a same-priced Tesla.
Volkswagen introduced a $13,000 lease deal on the 2023 ID.4 AWD Professional S Plus because it makes room for brand spanking new fashions.
Regardless of sturdy early demand, Kia is already providing a $5,000 buyer money supply on its first three-row electrical SUV, the EV9.
With new fashions just like the Volvo EX30, Fiat 500e, Honda Prologue, Chevy Equinox EV, and others rolling out this 12 months, it is going to be fascinating to see how the rankings end up over the subsequent few months.