Spotlight: Electric Vehicles News Highlights
EV sales continue to grow, slowdown seen as a blip. Record EV sales announced by Kia, GM, Ford, Hyundai. Electrify Expo Long Beach event enables 50,000 EV demos. Lectric e-bike is #3 electric vehicle in US sales. Jeep reveals first US EV. Volvo starts EX90 US production. And much more.
Brands in the news: Ford Motor Company, General Motors, Kia America, Electrify Expo, Costco Wholesale, Lectric eBikes, Jeep, Volvo Cars, Honda, Hyundai Motor Company (현대자동차), Rivian, BYD, Cox Automotive Inc., Toyota North America and many more.
EV sales aren't 'lagging' -- they're headed for long-term growth
“BloombergNEF’s Long-Term Electric Vehicle Outlook (EVO) indicates that rapidly falling battery prices, advancements in next-gen battery technology, and improving relative economics of EVs with ICE counterparts continue to underpin long-term EV growth globally.”
The Slowdown in US Electric Vehicle Sales Looks More Like a Blip
“For every sign of an EV slowdown, another suggests an adolescent industry on the verge of its next growth spurt. In fact, for most automakers, even the first quarter was a blockbuster. Six of the 10 biggest EV makers in the US saw sales grow at a scorching pace compared to a year ago — up anywhere from 56% at Hyundai-Kia to 86% at Ford.”
Electrify Expo Shatters Records with Unprecedented Number of Demos and Attendance, Disrupting the Anti-EV Narrative
“Electrify Expo, North America’s largest electric vehicle (EV) festival, returned to Long Beach for the third year with a record number of EV manufacturers, the largest attendee numbers to date and nearly 50,000 EV demos. Automakers reported shattering previous records of test drives with excitement continuing to build around new models and technology including the Rivian R3X, Hyundai IONIQ 5 and more.”
Kia U.S. EV Sales Doubled To Spectacular New Record In May 2024
“Kia America reported 75,156 vehicle sales in the United States in May, up 5.1% year-over-year. After five months of 2024, the total result is 320,531—down a slight 1.0%, but with some good news on the electric front. In May, Kia's all-electric car sales surged to new record levels, exceeding 7,000 units for the first time in a month.”
GM And Ford Show Electric Pickups And SUVs Refute The EV Slowdown
“General Motors (NYSE: GM) CEO Mary Barra assured investors that electrification is well underway with May being GM’s best ever EV sales month, defying the slowdown even the EV king, Tesla Inc (NASDAQ: TSLA), is struggling with. The EV push is owed to ongoing growth for Cadillac Lyriq, Chevrolet Blazer EV, GMC Hummer EV and Chevrolet Silverado EV, but more will be known when GM reports its second quarter results in July. Barra also noted that GM still expects 2024 to be a record year of EV sales.”
General Motors Had Its Best Month Ever For EV Sales In May
“With little fanfare, the automaker just had its best month of all-electric vehicle sales ever in May, an outcome that would've sounded unfathomable not very long ago.”
Ford’s electric vehicle sales continue surging in May despite shifting EV plans
“Despite a recent pullback on its electric vehicle strategy amid “slower-than-expected” demand, Ford’s EV sales continued surging in May. All Ford electric models, including the F-150 Lightning and Mustang Mach-E, saw double-digit sales growth last month.”
GM has a secret to help sell its new EVs. It’s Costco
“General Motors has a not-so-secret weapon when it comes to getting U.S. consumers into its new all-electric vehicles: Costco Wholesale. The Detroit automaker said it’s increasingly using the retail giant’s Costco Auto Program for EVs as it expands its portfolio from niche vehicles to mass-market segments with vehicles such as the Chevrolet Equinox and Chevrolet Blazer EVs.”
After Tesla, the surprising next best-selling electric vehicle in America is this electric bike
“In a world where electric vehicles are becoming increasingly popular, it’s no surprise that the Tesla Model Y and Model 3 are the best-selling EVs in the United States. But what if I told you that the third best-selling electric vehicle in America isn’t a car at all? It’s actually an electric bike!”
Jeep reveals its first EV for America
“Jeep, widely known for making rugged off-road vehicles, has unveiled its first fully electric SUV for the North American market.
Jeep already offers the small Avenger EV in Europe but the Wagnoneer S, unveiled Thursday night, will be available in the US and Canada later this year before being sold in other markets, becoming Jeep’s first “global” EV.”
What Falling Sales? Global EV Sales Grow 25% in April!
“Global plugin vehicle registrations were up 25% in April 2024 compared to April 2023. There were 1.2 million registrations. BEVs were up by 14% YoY, while plugin hybrids jumped 51% YoY. In the end, plugins represented 18% share of the overall auto market (12% BEV share alone). This means that the global automotive market remains in the Electric Disruption Zone. Year to date, plugin electric vehicle market share was up by 1%, to 17% (11% BEV). Full electric vehicles (BEVs) represented 65% of plugin registrations in April, pulling the year-to-date tally to 64% share.”
Volvo starts production of EX90 EV in US
“Production of the 2025 Volvo EX90 electric SUV for the U.S. market is now underway in Charleston, South Carolina, Volvo confirmed Wednesday. Unveiled in November 2022, the EX90 was originally scheduled for first deliveries in early 2024, but it was held back due to software issues. Volvo now plans to deliver the first U.S. customer cars in the second half of this year.”
With EVs, Honda may be North America’s most committed automaker, for the moment
“As the auto industry attempts to time its years-long, sprawling shift away from combustible engines to electric vehicles, some legacy car makers are playing up hybrids as a waystation along what is now more likely to be framed as a decades-long path. But at least one automaker says it is ramping up its North American EV strategy in 2024: Honda Motor Company.”
Hyundai US EV Sales Up 42% in May 2024, Best Ioniq 5 Sales Month Ever
“As electric vehicle sales from several automakers continue to defy the "slowdown" narrative, Hyundai Motor America reported even more good news in May. The Korean automaker announced 78,485 vehicle sales last month, 12% more than a year ago. So far this year, the company sold 331,892 vehicles, up 2% year-over-year. Hyundai's U.S. total electrified vehicle sales—including EVs, hybrids and plug-in hybrids—increased by 50% year-over-year, and all-electric ones noted a 42% increase compared to May 2023. Additionally, May was the best sales month the Ioniq 5 crossover has seen to date.”
See it: Rivian unveils redesigned all-electric SUV and pickup
“Electric vehicle maker Rivian introduced its redesigned, second-generation EV pickup and SUV Thursday. Rivian's new R1S SUV and R1T pickup were fully reengineered with hardware improvements, performance upgrades, a fully redesigned software experience and improved in-house drive systems, the company said.”