Despite talk of an EV slowdown, more electric cars are hitting US streets. In the second quarter, 18 models topped 5K in sales, with Tesla, Ford, and Hyundai leading the way. Meanwhile, newcomers, like Toyota’s bZ4X, Kia’s EV9, and the Chevy Blazer EV, joined the club.
According to Kelley Blue Book, EV sales hit a new record in the second quarter, with 320,463 units sold in the US in Q2. That’s up 11% from last year and 23% from Q1, with new models and heavy discounts driving growth.
With an influx of new EV models, Tesla’s market share slipped below 50% (49.7%) for the first time.
New Chevy EV models, including the Blazer, Equinox, and Silverado, added over 21,000 to GM’s total. However, it was not enough to top rival Ford, which sold nearly 24,000 EVs in Q2.
If you include combined Hyundai Motor Group (Hyundai, Kia, Genesis) sales, Hyundai was actually the second-best-selling EV brand in the US. According to Motor Intelligence, Hyundai, including Kia and Genesis, accounted for 10% of the US EV market in Q2, topping Ford (7.4%) and GM (6.3%).
Hyundai’s dedicated IONIQ 5 and 6 electric vehicles continued seeing higher demand, while Kia’s new EV9 joined the 5K sales club.
Electric vehicles with over 5K in sales in Q2
Despite Tesla’s (inevitable) falling share, “the overall competitive landscape for electric vehicles is intensifying,” Cox Automotive Industry Insights Director Stephanie Valdez Streaty said.
“This increased competition is leading to continued price pressure, gradually boosting EV adoption,” Valdez Streaty explained, adding, “Automakers that deliver the right product at the right price and offer an excellent consumer experience will lead the way in EV adoption.”
Electric Vehicle
Q2 2024 Sales
Tesla Model Y
101,301
Tesla Model 3
42,710
Ford Mustang Mach-E
12,645
Hyundai IONIQ 5
11,906
Tesla Cybertruck
8,755
Rivian R1S
8,137
Ford F-150 Lightning
7,902
Toyota bZ4X
7,571
Cadillac Lyric
7,294
BMW i4
7,066
Kia EV6
6,882
Chevrolet Blazer EV
6,634
Tesla Model X
6,570
Volkswagen ID.4
5,690
Mercedes EQE
5,684
Kia EV9
5,664
Kia Niro
5,434
Nissan Ariya
5,203
Electric vehicles with over 5K in US sales in Q2 (Source: Kelley Blue Book)
In the second quarter, 18 electric vehicles topped the 5K sales milestone. Tesla’s Model Y and 3 have long topped the list, while Hyundai’s IONIQ 5 and Ford’s Mustang Mach-E and Lightning models continued climbing.
Meanwhile, several new models made the list, including the Toyota bZ4X, Nissan Ariya, Chevy Blazer EV, Kia EV9, and Tesla’s Cybertruck.
The new competition is driving prices down as automakers introduce significant incentives. According to Motor Intelligence, Kia’s new EV9 was among them, with an average discount of over $18,000 in June.
A recent Consumer Reports study found that Subaru’s Solterra, which just missed 5K in sales (4,238), was the most discounted car (EV or gas) selling for 12% off MSRP.
As more models are launched and EV tech continues improving, sales are expected to continue rising. It will be interesting to see how many models make the list at the end of the year.
National Grid Renewables has broken ground on its 100 MW Apple River Solar Project in Polk County, Wisconsin.
The Wisconsin solar farm, which will use US-made First Solar Series 6 Plus bifacial modules, will be constructed by The Boldt Company, creating 150 construction and service jobs. Apple River Solar will generate over $36 million in direct economic benefits over its first 20 years.
Once it comes online in late 2025, Apple River Solar will supply clean energy to Xcel Energy, which serves customers throughout the Upper Midwest. According to National Grid Renewables, the solar farm will generate enough energy to power around 26,000 homes annually. It will also offset about 129,900 metric tons of carbon dioxide emissions each year – equivalent to taking 30,900 cars off the road.
“We are excited to see this project begin as it underscores our dedication to delivering clean, reliable and affordable energy to our customers,” said Karl Hoesly, President, Xcel Energy-Wisconsin and Michigan. “This project is an important step in those goals while bringing significant economic benefits to Polk County and the local townships.”
Electrekreported in February that Xcel Energy, Minnesota’s largest utility, expects to cut more than 80% – and possibly up to 88% – of its emissions by 2030, putting it on track to hit Minnesota’s goal of net zero by 2040. It also says it’s on track to achieve its clean energy goals for all the Upper Midwest states it serves – Minnesota, Wisconsin, North Dakota, South Dakota, and Michigan.
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Tesla has announced that it will finally deliver 500 kW charging as it is about to install its long-awaited V4 Supercharger cabinets.
The rollout of Supercharger V4 has been a strange one, to say the least.
Tesla has been deploying the new charging stations for two years and calling them “Supercharger V4”, but it has only been deploying the charging stalls.
Supercharger stations are made of two main parts: the stalls, which are where the charging cable is located, and the cabinets, which are generally located further back and include all the power electronics.
For all these new “Supercharger V4”, Tesla was actually using Supercharger V3 cabinets. This has been limiting the power output of the charging stations to 250 kW – although
Today, Tesla officially announced its “V4 Cabinet”, which the automaker claims will enable of “delivering up to 500kW for cars and 1.2MW for Semi.”
Here are the main features of the V4 Cabinet as per Tesla:
Faster charging: Supports 400V-1000V vehicle architectures, including 30% faster charging for Cybertruck. S3XY vehicles enjoy 250kW charge rates they already experience on V3 Cabinet — charging up to 200 miles in 15 minutes.
Faster deployments: V4 Cabinet powers 8 posts, 2X the stalls per cabinet. Lower footprint and complexity = more sites coming online faster.
Next-generation hardware: Cutting-edge power electronics designed to be the most reliable on the planet, with 3X power density enabling higher throughput with lower costs.
Tesla reports that its first sites with the new V4 Cabinets are going into permitting now. The company expects its first sites to open next year.
We recently reported about Tesla’s new Oasis Supercharger project, which includes larger solar arrays and battery packs to operate the charging station mostly off-grid.
Early in the deployment of the Supercharger network, Tesla promised to add solar arrays and batteries to all Supercharger stations, and Musk even said that most stations would be able to operate off-grid.
While Tesla did add solar and batteries to a few stations, the vast majority of them don’t have their own power system or have only minimal solar canopies.
Back in 2016, I asked Musk about this, and he said that it would now happen as Tesla had the “pieces now in place” with Supercharger V3, Powerpack V2, and SolarCity:
It took about 8 years, but it sounds like the pieces are now getting actually in place with Supercharger V4, Megapacks, and this new Oasis project.
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Hyundai has a new secret weapon it’s about ready to unleash. To revamp the brand in China and counter BYD’s surge, Hyundai is launching a new AI-powered EV next year. The new model will be Hyundai’s first dedicated electric car for the world’s largest EV market.
With the help of Haomo, a Chinese autonomous startup, Hyundai will launch its first EV equipped with generative AI. It will also be its first model designed specifically for China.
A Hyundai Motor official said (via The Korea Herald) the company is “working to load the software” onto the new EV model, “which will be released in the Chinese market next year.” The spokesperson added, “The level of autonomous driving is somewhere between 2 and 2.5.”
In comparison, Tesla’s Autopilot is considered a level 2 advanced driver assistance system (ADAS) on the SAE scale (0 to 5), meaning it offers limited hands-free features.
With Autopilot, you still have to keep your eyes on the road and hands on the steering wheel, or the system will notify you and eventually disengage.
Haomo’s system, DriveGPT, unveiled last spring, takes inspiration from the OpenAI’s popular ChatGPT.
The system can continuously update in real-time to optimize decision-making by absorbing traffic data patterns. According to Haomo, DriveGPT is used in around 20 models as it looks to play a bigger role in China.
Hyundai hopes new AI-powered EV boosts sales in China
Electric vehicle sales continue surging in China. According to Rho Motion, China set another EV sales record last month with 1.2 million units sold, up 50% from October 2023.
Over 8.4 million EVs were sold in China in the first ten months of 2024, a notable 38% increase from last year.
BYD continues to dominate its home market. According to Autovista24, BYD accounted for 32.9% of all PHEV and EV (NEV) sales in China through September, with over half of the top 20 best-selling EV models.
Tesla was second with a 6.5% share of the market, but keep in mind these numbers only include plug-in models (PHEV).
Like most foreign automakers, Hyundai is struggling to keep up with the influx of low-cost electric models in China. Beijing Hyundai’s sales have been slipping since 2017. Through September, Korean automaker’s share of the Chinese market fell to just 1.2%.
According to local reports, Hyundai is partnering with other local tech companies like Thundersoft, a smart cockpit provider, and others in China to power up its next-gen EVs
With its first AI-powered EV launching next year, Hyundai hopes to turn things around in the region quickly. The new model will be one of five to launch in China through 2026.
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