In June 2024, the United States electric vehicle market showed a trend of contrarian growth, which is particularly striking against the backdrop of the overall auto market falling by 8.8% year-on-year. Electric vehicle sales increased by 3.1% year-on-year to 108,026 units, increasing market share to 8.9%. This growth has been driven by strong incentives implemented by the government, which have effectively lowered the price of electric vehicles, thereby stimulating market demand.
Tesla's market dominance
Tesla continued to lead the United States market by a significant margin in June's electric vehicle sales rankings, selling almost ten times more than second-placed Ford. In June, Tesla's registrations reached 60,929 units, down 2.4% year-over-year, but still holding the top spot. Tesla's success is not only reflected in sales, but also in its brand loyalty. Tesla won half of the loyalty awards in the automotive industry's electric vehicle category from S&P Global Mobility, demonstrating consumers' strong recognition and satisfaction with its brand. Tesla continues to drive technological innovation and improvements, and continuously optimizes the user experience, allowing it to maintain its leading position in a highly competitive market.
Figure: Top 10 electric vehicle brand sales in United States in June, compiled by Chine Exportsemi
Competitive landscape in a diversified market
After Tesla, Ford came in second with 6,298 units sold, up 18.2% year-over-year. Ford's electric vehicle lineup is gradually expanding, especially its Mustang Mach-E and F-150 Lightning models have been warmly welcomed by the market. Kia ranked third with 5,194 units sold, up 105.9% year-on-year, the strongest growth rate in the Top 10. Kia's success is largely due to its all-electric models such as the EV6 and Niro EV, which have attracted a large number of consumers with their competitive prices and advanced technology.
Rivian and Hyundai ranked fourth and fifth with 4,982 and 4,852 units sold, respectively. Among them, Hyundai's sales fell by 3.4% year-on-year, but its electric vehicles such as the IONIQ 5 and Kona Electric still maintained a steady popularity in the market. Hyundai is constantly pushing the boundaries of electric vehicle technology and has laid out the charging infrastructure to meet future market demands.
Chevrolet, BMW, Nissan, Cadillac and Mercedes-Benz ranked sixth to tenth, respectively. Among them, Cadillac achieved a staggering 403.9% year-on-year growth, mainly due to the launch of its all-electric Lyriq SUV. BMW and Nissan also continue to maintain a stable market share in the electric vehicle segment, with models such as BMW's i4 and iX series, Nissan's Leaf, and the newly launched Ariya performing well in the market. Mercedes-Benz's EQ series further strengthens its position in the premium electric vehicle market.
Policy promotion and market outlook
The growth of the electric vehicle market in United States is inseparable from the support of the government's preferential tax policies. These policies include not only subsidies for car purchases, but also funding for the construction of charging infrastructure, which has had a positive impact on the sales of electric vehicles. With the increasing number of electric vehicle models and the further improvement of the charging network, the United States electric vehicle market is expected to continue to grow in 2024.
In addition, automakers are pushing for technological innovations to improve the range, charging speed, and overall performance of electric vehicles. These advancements will further drive consumer acceptance of electric vehicles and increase market competitiveness. In the coming years, electric vehicles will gradually become an important part of the mainstream automotive market.
Conclusion
The top 10 electric vehicle brand sales rankings in United States in June show the diversified competitive landscape of the market and Tesla's leading position. With the support of policy promotion, the competition between brands will become more intense, while also providing consumers with more diverse choices. With the advancement of technology and the improvement of the market environment, the future of the electric vehicle market in United States is full of expectations. The rapid development of this market will not only help promote green mobility, but also provide valuable experience and reference for the development of the global electric vehicle industry.
