Steep discounts boost EV registrations in April as Toyota, Ford, Rivian lead growth
Ford, Rivian, and Toyota led the growth in April as US EV registrations perked up. The growth comes after drastic price cuts and other incentives led to over $10,000 in savings on some models.
Despite talk of cooldown, electric vehicle sales are still growing. Leading EV brands, except Tesla, saw significant growth in April 2024 registrations compared to the previous year.
According to new S&P Global Mobility vehicle data (via Automotive News), EV registrations were up 14% in April. With 102,317 electric cars registered in April, EVs accounted for 7.4% of total light-vehicle registrations.
EVs outpaced the overall light-vehicle market, which had a 7.3% gain. The report notes that the growth was driven by “bonus cash, subsidized financing and lease deals,” as many EV prices reach price parity with their comparable ICE models.
“Automakers are bringing EV prices down to the ICE level and it’s moving the merchandise,” according to Tom Libby, associate director of industry analysis at S&P Global Mobility.
Significant deals charge up April EV registrations
Several electric models had double-digit registration growth in April compared to the year before. Leading the way was Toyota’s bZ4X, with 4,666 registrations, up 646% YOY.
However, to be fair, Toyota only sold 625 bZ4X models last April after a slow ramp-up following a recall in 2022 that halted production.
Ford’s Mustang Mach-E had the second-highest growth at 287%. In April, 5,538 Mach-Es were handed over, up from 1,384 last year. The growth comes after Ford slashed prices and introduced new lease incentives earlier this year.
The Ford F-150 Lightning, America’s best-selling electric pickup, had 96% more registrations (2,509 vs 1,282) in April than the year before. Ford also introduced significant incentives on the EV pickup.
| Place | Top 10 EV models in April | April 2024 Registrations | April 2023 Registrations | % Change YOY |
| 1 | Tesla Model Y | 32,922 | 34,542 | -4.7% |
| 2 | Tesla Model 3 | 8,912 | 19,844 | -55.1% |
| 3 | Ford Mustang Mach-E | 5,358 | 1,384 | +287.1% |
| 4 | Toyota bZ4X | 4,666 | 625 | +646.6% |
| 5 | Hyundai IONIQ 5 | 4,078 | 2,117 | +92.6% |
| 6 | Rivian R1S | 2,855 | 1,259 | +126.8% |
| 7 | Ford F-150 Lightning | 2,509 | 1,282 | +95.7% |
| 8 | Tesla Cybertruck | 2,181 | 0 | N/A |
| 9 | Kia EV6 | 2,178 | 1,124 | +93.8% |
| 10 | Tesla Model X | 2,094 | 1,883 | +5.8% |
Rivian’s R1S also saw triple-digit year-over-year growth in registrations. The R1S had 2,855 registrations, up 127% from the 1,259 in April 2023.
Kia’s EV6 had 94% more registrations, with 2,178, compared to 1,124 in April 2023. Meanwhile, the Hyundai IONIQ 5 continued its hot streak with 4,078 registrations, up 93% YOY.
Tesla was the only automaker in the top ten, with EV registrations slipping in April. The Model Y had 32,922 registrations, down 4.7% from 35,542. Tesla’s Model 3 registrations were down 55% YOY with 8,912.
Although many reports suggest Tesla is dragging down the sector, several events, like the new Model 3 launch, contributed to fewer registrations.
The momentum is expected to continue, with several automakers introducing even more discounts and savings opportunities this month.
Ford slashed Mustang Mach-E lease prices in June with an up to 400% discount. Hyundai is offering a $7,500 cash bonus on all EV models, including the IONIQ 5, IONIQ 6, and new Kona Electric.
Several new EVs are already hitting the market with significant discounts. Chevy Equinox EV lease prices fell to as low as $379 per month, while the Blazer EV is listed as low as $369 per month.
If you’re looking for a new EV, now is the perfect time to start shopping. We can help you get started today. You can use our links below to find deals on popular EV models in your area.
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Tesla has opened orders for the Model Y Long Range RWD for $45,000 in the US. It’s the new entry-level Model Y following the design refresh earlier this year.
Since launching the updated Model Y earlier this year, Tesla has only offered the best-selling electric SUV in a single Long-Range AWD configuration.
First, it was as a fully-loaded $60,000 Launch Edition, and last month, it started deliveries of the regular Model Y AWD starting at $49,000.
As we recently noted, Tesla didn’t have much of an order backlog for the new Model Y in the US, and it has already started gathering new Model Y AWD in inventory just weeks after launching the vehicle.
Tesla even started offering subsidized financing rates on the new SUV this weekend.
Now, the automaker is starting to take orders for the new Model Y Long Range RWD
The new trim starts at $44,990 and enables 357 miles of range – an extra 30 miles over the AWD version.
However, due to its single motor powertrain, the lower-priced version is slightly slower with a 0-60 mph acceleration in 5.4 seconds rather than 4.6 seconds.
The automaker says that deliveries of the new version will start in the US in the next 3 to 5 weeks. It launched the new Model Y RWD in Europe weeks ago.
Tesla also offers a Standard Range RWD in Europe and China for even cheaper, and deliveries have already started in China.
Electrek’s Take
Tesla appears to have waited to open orders for the Model Y RWD in the US to optimize demand for the Long Range AWD.
But now it needs a cheaper model to sustain demand at the current production rate.
In the coming weeks, it will start building a mix of RWD and AWD in Fremont and Austin to
Interestingly, Tesla currently only offers the subsidized 1.99% financing rate on the Model Y Long Range AWD. I would assume that Tesla plans to take advantage of the boost in demand that the cheaper model will create.
However, US buyers probably won’t have to wait more than a few weeks before Tesla starts to offer lower interest rates on all versions, like it already does in Europe and China.
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![Big Mack, hydrogen Honda, and a ride in the Tesla Semi at ACT Expo 2025 [part 6]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/05/act-2025.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
On today’s thrilling episode of Quick Charge, we’ve got some of the highlights of the 2025 ACT Expo, including the all-electric Windrose and Mack Pioneer Class 8s trucks, a hydrogen fuel sell [sic] from Honda, a fun charging surprise, and – after an eight year wait – we finally get a ride in the all-new (in 2017) Tesla Semi!
ACT Expo is North America’s premier clean truck and transport trade show – and for 2025 it was bigger than ever, with more exhibitors and more, more capable battery electric vehicles than ever. The downsides? NACFE have scored with their “messy middle” messaging, and the return of “clean diesel” talking points. We’ve got a brief rundown and links to all the details, below.
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