The global electric vehicle (EV) market experienced a slowdown in the first quarter of 2024, reflecting a similar trend in manufacturers’ Q1 sales numbers. Despite this, Q1 2024 EV sales in the US saw a modest year-over-year increase of 2.6%, although the EV share of total vehicles sold dropped by 7.3% compared to Q4 2023.
Tesla, a prominent player in the EV market, faced challenges in delivering all the cars it produced in the first quarter. However, its Model Y crossover remained the most popular EV in the US, with Americans purchasing 96,729 units, accounting for over one-third of all EV sales in Q1 2024.
Data from Kelley Blue Book’s parent company Cox Automotive revealed that the Model Y saw a 1.4% increase in Q1 sales year-over-year, while the Model 3 experienced a significant decline of 43.9%. The Model 3 sold 30,842 units in Q1 2024, compared to nearly 55,000 units sold in Q1 2023.
The Model Y commanded a 35.4% share of the US EV market in Q1, followed by the Model 3 with 11.3%. The Ford Mustang Mach-E secured third place, selling 9,589 vehicles and capturing a 3.5% market share, representing a 77.3% increase over its Q1 2023 numbers. The Rivian R1S followed closely with 8,017 sales and a 2.9% market share.
Ford’s F-150 Lightning also performed well, selling 7,743 units in Q1 2024, accounting for a 2.8% market share and an 80.4% year-over-year increase. Ford’s strong performance in Q1 suggests positive prospects for the rest of the year.
On the other end of the spectrum, the Genesis G80 Electrified was among the lowest-selling EVs, with only 104 units sold, marking a 72.6% decline compared to Q1 2023. Honda delivered 19 Prologues, and there was even a new sale of the discontinued BMW i3, indicating its appeal as a cost-effective option in the second-hand market.
