Electric vehicle (EV) sales have been steadily increasing in the U.S. and around the world in recent years, with June data from S&P Global Mobility showing that EV sales growth outpaced the broader automotive market. This growth can be attributed to various factors, including large incentive programs that have made EVs more affordable for consumers. In June, new EV registrations saw a 3.1 percent year-over-year increase, totaling 108,026 vehicles, while the overall automotive market experienced an 8.8 percent decrease to just over 1.2 million units.
One of the key drivers of EV sales growth in June was the availability of strong incentives that motivated consumers to make the switch to electric vehicles. These incentives reached a three-year high in July, further boosting the appeal of EVs. As a result, EV market share in June grew to 8.9 percent, a 1 percent increase from the same month the previous year. It’s important to note that the data only includes new battery-electric vehicle (BEV) registrations and does not account for used vehicles or gas-powered hybrids.
Tesla emerged as the top-selling brand in June, outselling its closest competitor, Ford, by nearly tenfold. The introduction of the Cybertruck also contributed to Tesla’s strong performance, with the electric pickup truck becoming the top-selling vehicle in the over $100,000 price range for the past two months. Analysts predict that as more EVs enter the market and compete in various vehicle segments, more consumers will be inclined to switch to electric vehicles.
Some examples of upcoming EV models highlighted by analysts include three-row crossover EVs that will rival popular models like the Kia EV9. This diversification of EV offerings is expected to attract a broader range of consumers and further drive EV adoption. The top 10 brands for June EV registrations, along with their year-over-year sales growth, reflect the growing popularity of electric vehicles across different manufacturers.
In conclusion, the data from S&P Global Mobility underscores the increasing momentum of the EV market, with EV sales outpacing the rest of the automotive market in June. With the availability of strong incentives, a wider range of EV models, and growing consumer interest, the future looks bright for electric vehicles. As the industry continues to innovate and expand, we can expect to see even greater growth in EV sales in the coming years.