EV Sales Surge in the US: A Mid-2024 Review

EV Sales Surge in the US: A Mid-2024 Review

The first half of 2024 has been a period of remarkable growth for the US auto industry, particularly in the electric vehicle (EV) sector. As the industry recovers from the supply chain disruptions caused by the COVID-19 pandemic, major automakers are reporting significant sales gains, driven by a strong consumer shift towards EVs. We covered the BloombergNEF report in our previous blog post, and here we provide more detailed information about it.

GM's Impressive Performance

General Motors (GM) has seen robust sales in the first half of 2024. The company delivered 696,086 vehicles in the US during the second quarter, bringing the total for the first half of the year to 1,290,319 vehicles. Notably, GM's EV sales have been a hilghlight, with 38,355 electric vehicles sold so far this year, 21,900 of which were in the second quarter alone. 
The Cadillac Lyriq has seen a 26% increase in sales in the second quarter, outperforming every European brand EV in the US. Additionally, the all-electric Hummer experienced a 76% sales surge. With the Chevy Blazer EV and Chevy Equinox EV now available in showrooms, GM is poised to continue its strong performance in the EV market.

Kia's Record-Breaking EV Sales

Kia has also reported significant success in the EV sector. The company announced record first-half EV sales for Kia America, marking the highest in its history. With over 5,000 all-electric vehicles sold for the third consecutive month and a total of 29,392 EVs sold in the first six months of 2024, Kia’s EV sales have increased by 112% year over year.
Eric Watson, Kia America’s Vice President of Sales Operations, highlighted the brand’s commitment to sustainable mobility solutions. “Kia’s leadership as a sustainable mobility solutions provider and our growing selection of hybrid, plug-in hybrid and all-electric utility vehicles are delivering one of the most balanced lineups in the industry,” Watson said. The upcoming hybrid Carnival MPV and the updated K5 sedan are expected to further boost consumer interest and showroom traffic.

The Broader EV Market Outlook

Despite some media narratives suggesting a slowdown in the EV revolution, data from Bloomberg New Energy Finance (BNEF) paints a different picture. BNEF forecasts that EVs could account for nearly a third of new car sales in the US by 2027, assuming current policies remain in place. In 2023, EVs made up 10% of new car sales in the US, and this figure is expected to rise sharply as more affordable models from Ford, Rivian, and Tesla enter the market, and as domestic manufacturing capacity increases.
By 2027, US EV sales are projected to reach 4.5 million units, and by 2030, EVs are expected to constitute 48% of new passenger vehicle sales, approaching President Biden’s target of 50%. California continues to lead the charge, with EVs expected to represent 65% of new car sales in the state by 2030, driven by strong incentives and infrastructure investments.

The Future of Plug-In Hybrids

While the focus is on fully electric vehicles, plug-in hybrid EVs (PHEVs) remain a significant part of the market, especially in states like California. BNEF predicts that PHEVs will continue to represent about a fifth of new car sales in the US, peaking at the end of this decade. Notably, Chinese manufacturers are making strides in PHEV technology, with models offering significantly longer electric-only ranges than their US counterparts.
The first half of 2024 has demonstrated the growing strength of the EV market in the US. With major automakers like GM and Kia leading the charge, the industry is poised for continued growth. While challenges remain, particularly regarding policy stability, the outlook for EV adoption remains positive, with significant milestones expected in the coming years. As the industry evolves, the commitment to sustainable and accessible electric mobility will be key to its success.