Hyundai Motor Group Leads Non-Tesla EV Sales in Q2 2024
Earlier today, we delved into Q2 2024’s all-electric car sales for non-Tesla brands in the U.S. Now, let’s shift our focus to the major automotive companies and their EV sales growth or declines. Once again, the Hyundai Motor Group, including Hyundai, Genesis, and Kia, proves to be America’s leader in the non-Tesla EV segment.
Record Highs for Non-Tesla EV Sales
Non-Tesla EV sales reached a new milestone in Q2, as several manufacturers boosted their volumes, and a few new players joined the EV landscape.
Traditional Automakers Battle for EV Dominance
Among the heavyweight non-Tesla automakers, Hyundai Motor Group, Ford, and General Motors stand out for their impressive sales volumes.
The report covers data from 11 traditional manufacturers: BMW Group (excluding Mini Cooper SE), Ford Motor Company (including Lincoln, currently only making plug-in hybrids), General Motors (comprising BrightDrop, Cadillac, Chevrolet, and GMC), American Honda (Honda and Acura), Hyundai Motor Group (Hyundai, Kia, and Genesis), Mercedes-Benz (excluding van division), Nissan, Subaru, Toyota Motor Corporation (Toyota and Lexus), Volkswagen Group (Volkswagen, Audi, and Porsche), and Volvo.
Notably absent are data from newer, 100% electric companies like Tesla, Rivian, Polestar, Lucid, Fisker, and VinFast, which do not divulge regional sales figures.
EV Sales by Automotive Groups – Q2 2024
The combined efforts of these 11 traditional auto groups resulted in over 142,000 all-electric cars delivered in Q2 2024 in the U.S., marking a 36% increase from the previous year.
- Hyundai Motor Group: At the forefront with at least 35,401 units sold (excluding specific numbers for the Hyundai Kona Electric).
- Ford: Following with 23,957 units.
- General Motors: Rounding out the top three with 21,930 units.
Hyundai Motor Group boasted a remarkable 74% year-over-year growth, firmly establishing its lead among non-Tesla EV manufacturers. Ford saw a 61% increase, while GM grew by 40%, despite discontinuing the Chevrolet Bolt.
However, not all manufacturers experienced growth. Volkswagen Group saw a 15% decline, resulting in 11,904 units sold, placing it behind BMW Group (14,081 units) and a surging Toyota Group (11,607 units, up over 300%).
Notable Movers and New Entrants
- Volvo: Struggled significantly with only 1,011 units sold, a 79% drop year-over-year, likely due to delayed launches of the EX30 and EX90 models.
- Honda Group: Made an entrance with 1,873 Acura and Honda EV sales.
- Stellantis: Initiated sales of the Fiat 500e model with up to 163 units (although figures are yet unverified).
Market Penetration of EVs
Examining how much of these automakers’ total sales are all-electric reveals their progress toward a zero-emission future. This metric varies greatly, often skewed due to not all brands within the groups offering EVs, thus lowering the average.
- BMW Group: Leads with an EV share of at least 14.5%.
- Mercedes-Benz: Holds 11.4% (excluding vans), though this is down from 17.1% the previous year.
- Hyundai Motor Group: Improved to at least 8.1% from 4.6% a year ago.
- Volkswagen Group: Fell to 7.0%, down from 9.2% in Q2 2023.
- Ford: Increased to 4.5% from 2.8%.
- General Motors: Up to 3.2% from 2.3%.
- Toyota and Lexus: Grew to 1.9%, nearly quadrupling their previous share.
- Honda and Acura: Entered the market with a 0.5% share.
Outlook
As the competition heats up, non-Tesla EV sales are expected to continue their upward trajectory, potentially outpacing Tesla in volume and market share. Multiple new brands and a plethora of new EV models are eagerly anticipated in the coming quarters.
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William Kouch, Editor of Electric Vehicles, Automotive.fyi
