Electric vehicle sales fell from 18.8% to 18% US market share in the first quarter of 2024.

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The share of electric and hybrid vehicle sales in the United States declined in the first quarter of 2024 as battery electric vehicle (BEV) sales declined. Hybrid vehicles, PHEVs and battery electric vehicles fell to 18.0% of total new light duty vehicle (LDV) sales in the United States in the first quarter of 2024 (1Q24) from 18.8% in Q4 2023, according to Estimates from departmental intelligence.

This slight decline in market share was primarily driven by battery electric vehicle sales, which fell from 8.1% of the total light vehicle market in 4Q23 to 7.0% in 1Q24. This decline represents the first decline in BEV market share since economic impacts from the coronavirus (COVID-19) pandemic began in Q2 2020.

The LDV market in the United States is highly seasonal, and total sales typically stabilize in the first quarter after a sales increase at the end of the year. Electric vehicle (BEV) sales rose 7% in 1Q24 from 1Q23 after 13 straight quarters of double-digit gains. The slowdown in growth can be divided into two components:

  • Uneven decline in total market new LDV sales, with luxury vehicle sales falling more than mass market sales
  • Declining mass market sales of battery-powered electric vehicles

BEVs remain very popular in the luxury segment, maintaining about a third of luxury light vehicle sales from 1Q23 to 1Q24. Of all BEV sales in 1Q20 In 2024, 8 out of 10 sales were luxury models, due in part to the continued widespread availability of battery electric vehicle options and favorable pricing within the segment from Tesla, Mercedes, Rivian, Cadillac, Audi and BMW.

U.S. luxury vehicle sales ranged between 12% and 15% of the total light duty vehicle (LDV) market between 2014 and 2020 but grew to 18% in 2023. Luxury vehicle sales returned to pre-pandemic levels in mid-2022, but sales Mass-market auto sales remained 10% below pre-pandemic levels as of the quarter. This uneven recovery contributed to a rise in the share of battery electric vehicle sales in 2022 and 2023. In the first quarter of 2024, the trend reversed when the share of luxury cars fell to 16% of the market. A return to pre-pandemic luxury and mass-market fragmentation may continue to slow BEV sales growth in the absence of new mass-market BEV models.

Historically, BEV sales have not performed as well in the mass market segment as they have in the U.S. luxury segment. Total U.S. mass market LDV sales decreased 1.0% Total mass market BEV sales decreased 17.9%, reducing the market share of BEV models from 2.2% in 4Q23 to 1.8% in the first quarter of 2024. Manufacturers launched models of battery-powered electric vehicles on the market in large quantities and increased production capacity over the past two years, but the cessation of Chevrolet Bolt production and a corresponding 64% decline in sales of that vehicle on an annual basis led to the withdrawal The market share of battery-powered electric vehicles is widespread. Decreased in 1Q24.

The average LDV transaction price in the US industry fell slightly during the first quarter of 2024 as luxury vehicles lost market share. According to Cox Automotive, average electric vehicle transaction prices were down 3.8% compared to Q4 2023 and 9.0% compared to 1Q23. Average electric vehicle transaction prices in Q1 2024 were 6,904 higher $ less than the overall industry average (combined luxury and non-luxury) and $7,290 less than the luxury average, before accounting for any consumer or government incentives.

Main shareholder: Michael Dwyer

First published in Energy Today.


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