Electrifying the Roads: A Look at Non-Tesla EV Sales in Q2 2024

The second quarter of 2024 is behind us, and it turns out it wasn't that bad for non-Tesla EV sales in the U.S. Electric vehicle (EV) volume hit a new record, the year-over-year growth rate improved compared to Q1, and we can see noticeable progress in many areas.

A Record-Breaking Quarter
According to sales data analyzed by InsideEVs, during Q2 2024, the 21 brands examined sold over 142,000 all-electric vehicles—36% more than a year ago. This impressive feat marks the highest quarterly result ever recorded for this group, and it doesn't even include several promising new EV brands like Rivian.

Leading the Charge
In terms of raw volume, Ford remains the top non-Tesla EV brand, with 23,957 units sold in Q2, up 61% from a year ago. Kia follows closely with 17,980 units and a massive growth rate of 131% year-over-year, while Hyundai sold over 15,000 units, including 15,172 Ioniq 5s and Ioniq 6s. BMW also crossed the 10,000 EV-mark with 14,081 sales, and Chevrolet followed with 11,217 units.

Rising Stars and New Entrants
One of the most interesting developments in Q2 is Toyota's leap, selling 7,571 units, up 286%, placing it in the top 10 non-Tesla list. This surge could be a sign of Toyota's awakening to the EV market or a temporary boost fueled by lease incentives. Only time will tell. Toyota's luxury brand, Lexus, also saw a significant increase, up 333%.

The quarter also welcomed new entrants like Acura (338 units) and Honda (1,535 units) to the list. Fiat also restarted its EV sales, but its initial numbers (up to 163 units) are still uncertain.

As the market matures, we can expect to see gradually increasing volumes and more brands joining the EV party. Non-Tesla EV sales are becoming a significant part of the EV segment in the U.S. With Tesla estimated to represent roughly half of all EV sales in the U.S., the total EV sales in Q2 likely exceeded 300,000 units.

Looking at the share of EVs out of each automaker's total sales gives us insight into their electrification journey. Cadillac took the lead among traditional brands, with its EV share rising to 19.0% in Q2, up from 16.4% in Q1 and just 3.5% a year ago. This makes Cadillac the most electrified "traditional" brand in the U.S., with significant potential for further growth.

Several premium/luxury brands also have notable EV shares, with Hyundai's Genesis hitting a record 13.2% in Q2. Kia led the mainstream brands with an 8.7% EV share, followed by Hyundai at 7.1%.

Challenges and Opportunities
While Ford saw a healthy total-volume progress with a 4.7% EV share, Lexus surged to 4.5%, and Chevrolet lagged behind at 2.5%. Porsche experienced a decrease to 3.8%, possibly due to the upcoming launch of new models like the heavily updated Taycan and all-new Macan.

As we look ahead, the EV market continues to evolve with more brands joining the electrification journey. The second quarter of 2024 has shown that non-Tesla EVs are not just keeping pace but are becoming a formidable force on American roads. The future looks bright, and it's only getting started.

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Source: InsideEVs