Several EV models sold with over $10,000 in incentives in July, driving registrations up 18% from last year in the US. Kia’s new EV9 was among the most heavily discounted, selling with over $19,700 in incentives. Other models, like the Honda Prologue and Volkswagen ID.4, were also heavily discounted, which helped spark growth.
US EV registrations up in July, driven by heavy discounts
In the US, 118,273 new electric vehicles were registered in July 2024, up 18% year-over-year (YOY).
According to the latest S&P Global Mobility data (via Automotive News), EVs accounted for 8.5% of the US light vehicle market, up from 7.6% in June 2023.
The growth was largely due to skyrocketing incentives, including $19,703 for Kia’s new three-row EV9. According to Motor Intelligence, Honda’s Prologue ($7,035) and the Volkswagen ID.4 ($13,015) were among the most heavily discounted in July.
Meanwhile, Tesla broke its five-month slump, with registrations rising 1.2% compared to last year. The uptick comes as the Tesla Cybertruck (see our review) picks up momentum.
Tesla delivered 5,175 Cybertrucks in the US in July, nearly topping all other electric pickups combined with 5,546.
The EV leader still dominates the US market. In July, Tesla held a 48% share of EV registrations in the US.
(Source: Tesla)
Other brands contributed to the higher growth, with non-Tesla EV registrations surging 38% compared to last year.
Non-Tesla EV models are sparking growth
“This is really the second wave of competitor vehicles and these are very solid and very competitive products that are affecting Tesla’s position,” Libby added.
Several brands had triple-digit registration growth, with new models hitting the market. Nissan (108%), Cadillac (100%), Lexus (187%), Polestar (247%), GMC (1,132%), Jaguar (2,223%), and VinFast (1,010%) all achieved 100% or higher registrations than a year prior.
Brand
EV Registrations July 2024
YOY change
Tesla
57,134
+1.2%
Ford
9,504
+67%
Chevrolet
5,901
+25%
BMW
5,483
+27%
Hyundai
5,385
-14%
Kia
4,810
+62%
Rivian
4,545
+35%
Nissan
3,496
+108%
Honda
3,012
N/A
Mercedes
2,775
-3.2%
Cadillac
2,681
+100%
Volkswagen
2,080
-34%
Subaru
1,417
+83%
Lexus
1,386
+187%
Toyota
1,309
+95%
Audi
1,264
-37%
Polestar
1,162
+247%
GMC
1,146
+1,132%
Jaguar
700
+2,233%
Genesis
651
+8.1%
Lucid
562
+24%
Volvo
519
-57%
Acura
448
N/A
Porsche
345
-51%
Mini
194
-35%
VinFast
111
+1,010%
Fisker
96
+860%
Fiat
63
N/A
EV registrations by brand in the US in July 2024 (Source: S&P Global Mobility/ Automotive News)
According to the data, Hyundai Motor (including Kia and Genesis) came in second in the US with 10,846 registrations, topping Ford (9,504) and GM (9,767).
Hyundai will open its new Metaplant America next month, where the updated 2025 IONIQ 5 (including a rugged XRT trim) and new three-row IONIQ 9 will be built.
Hyundai’s new 2025 IONIQ 5 Limited with a Tesla NACS port (Source: Hyundai)
The discounts lowered EV prices to match or undercut gas-powered rivals. S&P Global Mobility analyst Tom Libby said, “The widespread use of EV incentives, both from the factory and the government, is boosting sales.”
According to online car research firm CarsDirect, Kia is offering up to $17,000 in incentives on the 2024 EV6.
2024 Kia EV9 GT-Line (Source: Kia)
A new Tesla Conquest Cash bonus offers up to $1,500 on the EV9 and $1,000 on the EV6. Honda also cut the Prologue’s lease price to as low as $259 per month with new incentives.
However, Libby noted, “If the incentives were pulled off, I think sales would drop tremendously.” The US election in November could impact incentives.
2024 Honda Prologue Elite (Source: Honda)
Through the first seven months of 2024, EV registrations rose 8.7% in the US compared to last year. Electric models accounted for 7.6% of the light-vehicle market through July.
Are you ready to take advantage of the savings? The discounts may not last long. You can use our links below to view deals on popular EVs in your area.
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Lectric Ebikes appears to be preparing for a major new product launch, teasing what looks like the next evolution of its wildly popular folding fat tire electric bike. Based on the clues, it looks like a new Lectric XP 4 could be inbound.
In a social media post released over the weekend, the company shared a minimalist graphic reading “XP4” along with the message “Tune in 5.6.2025 9:30AM PT.” That date – this Tuesday – suggests we’re just hours away from the big reveal of the Lectric XP 4.
If true, this would mark the next generation of the most successful electric bike in the U.S. market. The current model, the Lectric XP 3.0, has become an icon of accessible, budget-friendly electric mobility. Starting at just $999, the XP 3.0 offers a foldable frame, fat tires, a 500W motor, a rear rack, lights, and hydraulic brakes – all packed into a highly shippable design that arrives fully assembled. It’s the kind of package that has helped Lectric claim the title of best-selling e-bike brand in the U.S. for several years in a row.
With the XP 3.0 still going strong, the teaser raises plenty of questions. Will the XP 4.0 be a modest update or a major leap forward? Could we see new features like torque-sensing pedal assist, a location tracking option, or upgraded performance? Or is Lectric preparing a more comfort-oriented variant, maybe even with upgraded suspension or even more accessories included standard?
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The teaser image, which features stylized stripes in grey, blue, and black, may hold some clues. One theory is that the colors represent new trim options or component upgrades. Another possibility is that Lectric is preparing multiple variants of the XP 4.0 – perhaps targeting commuters, adventurers, and off-road riders with purpose-built versions. We took the liberty of a bit of rampant speculation late last year, so perhaps that’s now worth a revisit.
At the same time though, Lectric’s penchant for launching new models at unbelievably affordable prices has never run up against such strong pricing headwinds as those posed by uncertainty in the current US-global trade war fueled by rapidly changing tariffs for imported goods.
Previous versions of the Lectric XP e-bike line have seen sky-high sales
Whatever the case, Lectric’s knack for surprising the industry with high-value, customer-focused e-bikes means expectations will be high. The brand has built a loyal following by delivering reliable performance at a price point that few can match, and any major update to the XP lineup is likely to ripple across the market.
As a young and energetic e-bike company, Lectric is also known for throwing impressive parties around the launch of new models. It looks like I may need to hop on a red-eye to Phoenix so I can see for myself – and so I can bring you all along, of course.
Be sure to tune in Tuesday at 9:30AM PT to see what Lectric has in store – and you can bet we’ll have all the details and first impressions as soon as they drop.
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Logo of the Organization of the Petroleum Exporting Countries (OPEC)
Andrey Rudakov | Bloomberg | Getty Images
U.S. crude oil futures fell more than 4% on Sunday, after OPEC+ agreed to surge production for a second month.
U.S. crude was down $2.49, or 4.27%, to $55.80 a barrel shortly after trading opened. Global benchmark Brent fell $2.39, or 3.9%, to $58.90 per barrel. Oil prices have fallen more than 20% this year.
The eight producers in the group, led by Saudi Arabia, agreed on Saturday to increase output by another 411,000 barrels per day in June. The decision comes a month after OPEC+ surprised the market by agreeing to surge production in May by the same amount.
The June production hike is nearly triple the 140,000 bpd that Goldman Sachs had originally forecast. OPEC+ is bringing more than 800,000 bpd of additional supply to the market over the course of two months.
Oil prices in April posted the biggest monthly loss since 2021, as U.S. President Donald Trump’s tariffs have raised fears of a recession that will slow demand at the same time that OPEC+ is quickly increasing supply.
Oilfield service firms such as Baker Hughes and SLB are expecting investment in exploration and production to decline this year due to the weak price environment.
“The prospects of an oversupplied oil market, rising tariffs, uncertainty in Mexico and activity weakness in Saudi Arabia are collectively constraining international upstream spending levels,” Baker Hughes CEO Lorenzo Simonelli said on the company’s first-quarter earnings call on April 25.
Oil majors Chevron and Exxon reported first-quarter earnings last week that fell compared to the same period in 2024 due to lower oil prices.
Goldman is forecasting that U.S. crude and Brent prices will average $59 and $63 per barrel, respectively, this year.
In a bid to keep up with the rapid growth of EVs, Chicago Department of Transportation (CDOT is currently seeking public feedback on a plan called “Chicago Moves Electric Framework.” The city’s first such plan, it outlines initiatives that include a curbside charging pilot through the city’s utility, ComEd, and expanded charging access in key areas throughout the city.
Unlike other such plans, however, the new plan aims to focus on bringing electric vehicle charging to EIEC and low income communities, too.
“Through this framework, we are setting clear goals and identifying solutions that reflect the voices of our residents, communities, and regional partners,” said CDOT Commissioner Tom Carney. “By prioritizing equity and public input, we’re creating a roadmap for electric transportation that serves every neighborhood and helps drive down emissions across Chicago.”
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Neighborhoods on the south and west sides of Chicago experience a disproportionate amount of air pollution and diesel emissions, largely due to vehicle emissions according to CDOT. Despite that, most of Chicago’s public charging stations are clustered in higher-income areas while just 7.8% are in environmental justice neighborhoods that face higher environmental burdens.
“Too often, communities facing the greatest economic and transportation barriers also experience the most air pollution,” explains Chicago Mayor Brandon Johnson. “By prioritizing investments in historically underserved areas and making clean transportation options more affordable and accessible, we can improve both mobility and public health.”
The Framework identifies other near-term policy objectives, as well – such as streamlining the EV charger installation process for businesses and residents and implementing “Low-Emission Zones” in areas disproportionately impacted by air pollution by limiting, or even restricting, access to conventional medium- and heavy-duty vehicles during peak hours.
The Chicago Moves Electric Framework includes the installation of Level 2 and DC fast charging stations in public locations such as libraries and Chicago’s Midway Airport, “supporting not only personal EVs but also electric taxis, ride-hail and commercial fleets.”
Chicago has a goal of installing 2,500 public passenger EV charging stations and electrifying the city’s entire municipal vehicle fleet by 2035.
Electrek’s Take
ComEd press conference at Chicago Drives Electric, 2024; by the author.