Much ado has been made about slower-than-expected growth in demand for all-electric vehicles, but on the same token, it isn’t like EV sales are declining. In fact, EV sales continue to grow at a rapid pace, and that’s true of Ford’s electric models, too. In reality, EVs have also gained considerable market share over the past few years, even amid a slowdown in demand and seemingly endless negative press, though some new data shows that this pace receded somewhat in the first quarter of the year.
According to the Ford-backed lobby group Alliance for Automotive Innovation’s Q1 2024 Get Connected Electric Vehicle Report, EV sales in the U.S. accounted for 9.3 percent of new light-duty vehicle sales in the first quarter, which is down from 10.2 percent in Q4 2023, but up from 8.6 percent in Q1 2023. Over that time span, there were 113 all-electric light-duty EVs available to purchase in the U.S.
In terms of individual U.S. states, 37 out of 50 saw an increase in EV market share in Q1 2024 versus Q1 2023, with the top five being California (24.8 percent), Washington (20.2 percent), District of Columbia (19.5 percent), Colorado (18.3 percent), and Hawaii (16.0 percent). In total, automakers sold 344,000 EVs in the U.S. in the first quarter of the year, which is 13 percent more than the same time period a year prior. By comparison, total light-duty vehicle sales increased by 4.2 percent, while ICE market share declined by 4.6 percent, and now, there are 4.7 million EVs on the road.
As Ford Authority previously reported, EV sales in the U.S. reached a new record of 1.2 million units in 2023, meaning that the results from the first quarter of 2024 signal that we could once again reset that mark at the conclusion of this year. As for Ford, its EV sales increased 86 percent to 20,223 units in Q1, outpacing the overall market by a large margin.
We’ll have more EV sales data to share soon, so be sure and subscribe to Ford Authority for continuous Ford news coverage.
Comments
Now what are the EV naysayers telling themselves? If the numbets keep climbing, which they will, do they keep their obsolete gas engine cars and get left out, or will they switch to EVs? Seems just like over 100 yesrs ago when horse owners decided to switch, too.
I’m sure ICE vehicles owners won’t get “left out” for the next 30 years or so.
I test drove a 2023 Hyundai Ionic 5. Bought a Hyundai Santa Fe Limited PHEV . Couldn’t be more pleased with my decision.
Take away the now tanking Tesla numbers and then let’s see what the numbers are.