In January 2024, Electric Vehicle Registrations in the U.S. Made Up 7.8% of the Car Market

U.S. EV Registrations Accounted For 7.8% Of The Car Market In January 2024

In the United States, new light-vehicle registrations saw a 4.7% year-over-year increase in January, totaling 1.1 million vehicles. The growth of all-electric vehicle (EV) registrations slightly exceeded the overall market, although the growth rate was significantly slower compared to the previous years.

According to data from S&P Global Mobility reported by Automotive News, battery-Electric cars recorded 89,042 new registrations, marking a 15% increase from the previous year. While this growth is positive, it falls below the average growth rates seen in 2022 and 2023, which were above 50%.

In January, EV registrations made up 7.8% of the market, up from 7.1% the previous year, with Tesla leading the way with 48,757 new registrations, a 15% increase. This accounted for 54.8% of all EV registrations, with the Model Y making up a significant portion. Non-Tesla EV registrations also saw growth at a similar rate.

Other notable performers in the EV market included Ford, Hyundai, Rivian, and Kia, with Hyundai Motor Group ranking second in the EV segment behind Tesla. Ford and Chevrolet saw declines in their EV registrations, with Chevrolet impacted by the discontinuation of the Bolt EV/Bolt EUV duo.

In terms of popular models, the Tesla Model Y continued to be the most registered all-electric car in the U.S., followed by the Tesla Model 3 and the discontinued Chevrolet Bolt EV/Bolt EUV duo. The Tesla Model X also outperformed other models in the market.

These trends suggest that while the all-electric car market in the U.S. is growing, achieving significant growth in 2024 might be challenging compared to previous years.