The electric vehicle (EV) market in the United States is showing no signs of slowing down, with a record number of EV models hitting the streets in the second quarter of the year. According to Kelley Blue Book, EV sales reached a new high in Q2, with 320,463 units sold, marking an 11% increase from the previous year and a 23% jump from Q1. This surge in sales can be attributed to the introduction of new models and attractive discounts offered by automakers.
One of the most notable trends in the EV market is the diversification of brands and models. While Tesla has long been a dominant player in the EV space, its market share dipped below 50% for the first time in Q2. Other automakers like Ford, Hyundai, and GM have been making significant strides in the EV market, with Ford selling nearly 24,000 EVs in the second quarter.
Hyundai, in particular, has emerged as a strong contender in the US EV market. When combined with its sister brands Kia and Genesis, Hyundai accounted for 10% of EV sales in Q2, surpassing both Ford and GM. The success of Hyundai can be attributed to the popularity of its dedicated electric vehicles, such as the IONIQ 5 and 6, as well as the introduction of new models like the Kia EV9.
The intensifying competition in the EV market is driving prices down as automakers offer significant incentives to attract customers. For example, Kia’s new EV9 was among the most discounted models in June, with an average discount of over $18,000. Similarly, Subaru’s Solterra, which just missed the 5K sales milestone, was selling for 12% off MSRP, making it one of the most discounted cars on the market.
As more automakers continue to launch new EV models and improve EV technology, sales are expected to continue rising in the coming years. It will be interesting to see how many models will make the list of top-selling EVs by the end of the year. With the increasing competition and innovation in the EV market, consumers can expect to see a wider range of options and more affordable prices in the near future.