Despite talk of an “EV slowdown,” sales of electric vehicles are still growing. EV registrations grew another 3.8% in March as several automakers, including Hyundai and Ford, saw electric car sales surge.
EV registrations grew in March despite Tesla’s decline
According to the latest EV registration data from S&P Global Mobility, several automakers gained market share in March.
Big price cuts and lease deals boosted demand in the first quarter, as automakers are divided on which way the market goes from here. With new affordable models like the Volvo EX30 and Chevy Equinox EV, some see the momentum picking up in 2024.
Although the growth was slight in March, the EV share of the light vehicle market grew from 6.8% to 7.1%.
For the first three months of the year, electric vehicle registrations were up 5.2% (264,268), with a 6.9% share of the market.
Market leader Tesla had registrations fall 12% in March, dragging down the segment. Tesla’s market share fell to 52.4% compared to 61.5% a year ago. Meanwhile, Tesla’s new refreshed Model 3 could be the reason to blame with a 53% decline in registrations.
New Tesla Model 3 (Courtesy of Tesla, Inc.)
Tesla said the new Model 3 was supply-constrained in Q1. Some, including Tom Libby, associate director of industry analysis at S&P Global Mobility, expect the Model 3 to make a comeback this year.
Hyundai and Ford see EV registrations surge
Hyundai and Ford strengthened their positions in March as EV registrations accelerated. Ford had triple-digit EV registration growth, claiming the number two spot.
Driven by drastic price cuts, Ford sold 20,223 electric vehicles in the first quarter, up 86% from Q1 2023. The Mustang Mach-E was the second best-selling electric SUV, behind Tesla’s Model Y.
2024 Ford F-150 Lightning Flash (Source: Ford)
Ford’s F-150 Lightning remained the top-selling electric pickup in Q1, topping the Rivian R1T and Tesla Cybertruck.
Despite the success, Ford is pulling back on several EV initiatives. The company cut the workforce at its Rouge EV plant, where the Lightning is built, citing slower-than-expected demand. It’s also delaying around $12 billion in EV spending.
Hyundai IONIQ 5 (left) and IONIQ 6 (right) at Tesla Supercharger (Source: Hyundai)
Meanwhile, Hyundai took third, with EV registrations doubling (+100%) in March. Hyundai set a new March and Q1 sales record with the IONIQ 5, IONIQ 6, and Kona Electric benefitting from strong demand.
Hyundai is one automaker that remains fully committed to selling EVs in the US, and it’s paying off. With some of the most affordable and fuel-efficient EVs on the market, Hyundai expects the momentum to continue this year.
2024 Hyundai Kona electric (Source: Hyundai)
In a new interview, Hyundai Motor America CEO Randy Parker told Electrek that the company remains “all-in” on EVs.
Parker said Hyundai is “putting its money where its mouth is” as it looks to separate itself from rivals. Hyundai’s first dedicated EV and battery plant in the US is opening in GA later this year, which will help improve competitiveness. EVs built at the facility are expected to qualify for the $7,500 federal tax credit.
Hyundai’s US boss told Electrek the company is focused on giving buyers who may be on the fence about buying an EV confidence with more range, faster charging, and unique designs.
2024 Kia EV9 GT-Line (Source: Kia)
Hyundai’s sister company, Kia, also saw EV registrations double, placing fifth. Kia’s new EV9 is already making a big impact, with over 4,000 units sold in Q1.
Luxury automakers BMW (fourth) and Mercedes-Benz (fifth) both saw double-digit EV registration growth in March.
Rivian R1S (Source: Rivian)
Rivian, with EV registrations flat in March but up 30% in Q1, placed seventh. Rivian is upgrading its manufacturing plant in Normal, IL, to improve efficiency.
Several others lost market share, according to EV registration data. Chevy’s March registrations slipped 66%, with Bolt EV production ending last year. Chevy hopes new EVs like the electric Equinox and Blazer can help spark growth. The Blazer EV had 498 registrations, while the Equinox had 13 as they began hitting dealership lots.
2024 Chevy Equinox EV 3RS (Source: GM)
According to March registration data, Toyota (798), Lexus (819), Subaru (427), Fisker (565), VinFast (496), and Lucid (477) were all below the 1,000 mark.
Meanwhile, Japanese rival Nissan had 1,661 registrations for its Ariya electric SUV as it gained ground in the US.
With new exciting models hitting the market, it should be interesting to see which automakers top the list at the end of the year.
Just like it says on the tin – retailers are advertising killer deals on the fun-to-drive Kia Niro EV, with one midwest auto dealer reporting more than $10,000 off the sticker price of the Niro EV Wind. That’s nearly 25% off the top line price!
The Kia Niro EV gets overshadowed by its objectively excellent EV6 and EV9 stablemates – both of which are currently available with substantial lease cash and 0% APR financing, in fact – but that doesn’t mean it’s not an excellent little electric runabout in its own right.
The last time I had a Niro EV tester, my kids loved it, I liked that it was quicker and more tossable than I expected it to be, and my wife liked the fact that “it doesn’t look electric. It looks normal.” And, with well over 200 miles of real world range (EPA-rated range is 253 miles), it was more than up to the task of commuting around Chicago and making the trip up to the Great Wolf Lodge in Gurnee and back without even needing to look for a charger.
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It’s not the primary family hauler I’d choose – but as a second car? As a primary car for a slightly smaller family (1-2 kids, instead of 3-4)? The Kia Niro EV Wind, with a $42,470 MSRP, seems like a solid, “can’t go wrong” sort of choice. You know?
You won’t even have to pay that much, though. Raymond Kia in Antioch, Illinois is advertising a $42,470 Niro EV for $32,431 (that’s $10,039, or about 24% off the MSRP), and several others are advertising prices in the $33,000 range.
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Many school districts who used EPA funding to help purchase Lion Electric school buses are now stuck with broken down or unsafe vehicles – but Lion’s new Canadian investors seemingly have no plans to make things right.
“All four Lion buses that we own are currently parked and not being used,” Coleen Souza, interim transportation director of Winthrop Public Schools, told Jay Traugott over at Clean Trucking. “Two of them are in need of repairs which would cost us money which we are not willing to invest in because the buses do not run for more than a month before needing more repairs.”
As bad as the revelations of safety and drivability issues and $250 million in unresolved debt have been, it’s the objectively stupid design choices that have been the most shocking.
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“Lion built an auxiliary diesel heater to heat the bus, essentially writing the manual as they went,” explained a school superintendent in the midwest, who asked not to be named. “It was fascinating to watch but there were design flaws with the heater. For example, the intakes pointed downward and we’re driving across rural roads and the intake sucks in that dirt.”
“Using a diesel-powered heater to warm an electric bus also somewhat defeats the purpose of going 100% zero-emissions,” added Traugott.
Despite a new electric school bus rebate and a fresh cash injection from Vincent Chiara, president of Quebec real estate powerhouse Groupe MACH, and Lion director Pierre Wilkie, however, it seems like no help is coming.
It just gets worse and worse
Decommissioned Lion electric buses; via Winthrop Public Schools.
The US school districts who spent tens of millions of taxpayer dollars in the hopes that Lion buses would help decarbonize their fleets and reduce students’ exposure to harmful diesel emissions? Many of them are back to using diesel, while others are trying to get their deposits back so they can buy something else.
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Mitsubishi is partnering with Ample and Yamoto Transports to deploy an innovative new battery swap network for electric cars in its Japanese home market — but it’s not just for electric cars. Mitsubishi Fuso commercial trucks are getting in on the action, too!
Despite a number of early EV adopters with an overdeveloped concept of ownership, battery swap technology has proven to be both extremely effective and extremely positive to the overall EV ownership experience. And when you see how simple it is to add hundreds of miles of driving in just 100 seconds — quicker, in many cases, than pumping a tank of liquid fuel into an ICE-powered car — you might come around, yourself.
That seems to be what Mitsubishi thinks, anyway, and they’re hoping they’ll be your go-to choice when it’s time to electrify your regional and last-mile commercial delivery fleet(s) by launching a multi-year pilot program to deploy more than 150 battery-swappable commercial electric vehicles and 14 modular battery swapping stations across Tokyo, where the company plans to showcase its “five minute charging” tech in full view of hundreds of commercial fleets and, crucially, the executives of the companies that own and manage them.
How battery swap works for electric trucks; via Mitsubishi Fuso.
A truck like the Mitsubishi eCanter typically requires a full night of AC charging to top off its batteries, and at least an hour or two on DC charging in Japan, according to Fuso. This joint pilot by Mitsubishi, Mitsubishi Fuso Trucks, and Ample aims to circumvent this issue of forced downtime with its swappable batteries, supporting vehicle uptime by delivering a full charge within minutes. The move is meant to encourage the transport industry’s EV shift while creating a depository of stored energy that can be deployed to the grid in the event of a natural disaster — something Mitsubishi in Japan has been working on for years.
The pilot is backed by Tokyo Metropolitan Government’s “Technology Development Support Project for Promoting New Energy,” with local delivery operator Yamato Transport testing swappable EVs for delivery operations on both its eCanter light-duty trucks and Mitsubishi Minicab kei-class electric vans.
Electrek’s Take
Fuso eCanter battery swap; via Mitsubishi.
Electrifying the commercial truck fleet is a key part of decarbonizing city truck fleets – not just here in the US, but around the world. I called the eCanter, “a great product for moving stuff around densely packed city streets,” and eliminating the corporate fear of EV charging in the wild just makes it an even better product for that purpose.
Here’s hoping we see more “right size” electric solutions like this one (and more battery swapping tech) in small towns and tight urban environments stateside somewhat sooner than later.
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