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Kia and Honda’s massive incentives spark a surge in EV registrations in July
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.
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 |
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.
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.
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.
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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