Electric vehicles hit major milestone as 18 models join the 5K sales club in Q2
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 |
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.
Like many automakers, Subaru is passing deals on through leases, with the Solterra starting at $329 per month (36 months) with $0 down.
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.
Source: Bloomberg, Cox Automotive
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Environment
U.S. crude oil falls below $60 a barrel to lowest since 2021 on tariff-fueled recession fears
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025.
Pavel Mikheyev | Reuters
U.S. oil prices dropped below $60 a barrel on Sunday on fears President Donald Trump’s global tariffs would push the U.S., and maybe the world, into a recession.
Futures tied to U.S. West Texas intermediate crude fell more than 3% to $59.74 on Sunday night. The move comes after back-to-back 6% declines last week. WTI is now at the lowest since April 2021.
Worries are mounting that tariffs could lead to higher prices for businesses, which could lead to a slowdown in economic activity that would ultimately hurt demand for oil.
Oil futures, 5 years
The tariffs, which are set to take effect this week, “would likely push the U.S. and possibly global economy into recession this year,” according to JPMorgan. The firm on Thursday raised its odds of a recession this year to 60% following the tariff rollout, up from 40%.
Fueled by incentives from the Illinois EPA and the state’s largest utility company, new EV registrations nearly quadrupled the 12% first-quarter increase in EV registrations nationally – and there are no signs the state is slowing down.
Despite the dramatic slowdown of Tesla’s US deliveries, sales of electric vehicles overall have perked up in recent months, with Illinois’ EV adoption rate well above the Q1 uptick nationally. Crain’s Chicago Business reports that the number of new EVs registered across the state totaled 9,821 January through March, compared with “just” 6,535 EVs registered in the state during the same period in 2024.
Those numbers represent more than 50% growth in EV registrations – far beyond the expected 12% first-quarter increase nationally being projected by Cox Automotive. (!)
What’s going on in Illinois?
While President Trump and Elmo were running for re-election, they campaigned on the threat promise of canceling the $7,500 federal tax credit for EVs. Along with California Governor Gavin Newsom, Illinois’ Governor JB Pritzker made countermoves – launching a $4,000 rebate for new electric cars and up to $1,500 for the purchase of a new electric motorcycle.
At the same time, the state’s largest utility, ComEd, launched a $90 million EV incentive program featuring a new Point of Purchase initiative to deliver instant discounts to qualifying business and public sector customers who make the switch to electric vehicles. That program has driven a surge in Class 3-6 medium duty commercial EVs, which are eligible fro $20-30,000 in utility rebates on top of federal tax credits and other incentives (Class 1-2 EVs are eligible for up to $7,500).
We covered the launch of those incentives when the program was announced at Chicago Drives Electric last year, but the message here is simple: incentives work.
SOURCES: Chicago Business, Ray Cunningham; featured image by the author.
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The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.
Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.
XCMG is delivering on part of that reduced downtime promise with the lower maintenance and easier repair needs of electric equipment, and delivering on the rest of it with lickety-quick DC fast charging that can recharge the machine’s massive battery in 1.5-2 hours … but that’s not the slick bit. The XCMG XE125EV can be powered up without leaving the job site thanks to its BYD battery swap technology.
We first covered XCMG and its battery swap technology back in January, and covered similar battery-swap tech being developed by MOOG Construction offshoot ZQUIP, as well – but while XCMG’s battery tech has been in production for several years, it’s still not widely known about in the West (even within the industry).
XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?
Easy in, easy out
The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.
You can check out all the XE215EV’s specs at this tear sheet, and get an in-person look at the Chinese company’s latest electric excavator this week in Munich, Germany.
SOURCE | IMAGES: XCMG.
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