Thanks in large part to improved availability, higher discounts, and elevated levels of leasing, EV sales exploded more than 11 percent in Q2 2024 to reach a new sales record.
According to a report from Cox Automotive, sales of all-electric vehicles jumped 11.3 percent on a year-over-year basis to 330,463 units during the second quarter of the 2024 calendar year. Interestingly, this comes as market leader Tesla posted a decline in sales volume by 6.3 percent from last year, which accounted for a 49.7 percent share of the EV market.
It’s worth noting that electric vehicle sales in Q2 2024 were 23 percent higher than those in Q1 2024.
“EV sales exceeded expectations during a record-breaking quarter,” Cox Automotive Industry Insights Director Stephanie Valdez Streaty noted in a prepared statement. “Despite Tesla’s declining sales, with its EV sales share now below 50 percent for the first time, the overall competitive landscape for electric vehicles is intensifying. This increased competition is leading to continued price pressure, gradually boosting EV adoption. Automakers that deliver the right product at the right price and offer an excellent consumer experience will lead the way in EV adoption.”
Notably, this jump in all-electric vehicle sales can be partially attributed to increased EV sales volume from General Motors, as the Detroit-based automaker accounted for more than 21,000 EVs throughout Q2 2024.
“We remain bullish on electric vehicle sales in the long term,” Valdez Streaty added. “The growth will, at times, be very slow, as all-time horizons in the automobile business are vast, but the long-term trajectory suggests that higher volumes of EVs will continue over time. As EV infrastructure and technology improve, and more models are launched, many shoppers sitting on the fence will eventually choose an EV.”
Finally, electric vehicles made up roughly eight percent of total new vehicle sales during Q2 2024. This statistic is higher than the 7.1-percent share in Q1 2024 and the 7.2-percent share in Q2 2023.
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Comments
It seems that the buyers have literally seen the light with the advantages of electric transportation. As an EE with over 50 years of experience, I am extremely excited that the obsolete combustion engine is dying off as the steam engine did. The future is still electric, and GM will be one of the great suppliers of electric transportation. The naysayers have no means to defend the obsolete combustion engine anymore.
True, True, Except for that GM part. I love my GMs, but they are too often 5 to 10 years behind some other providers, some of it is engineering, some of it due to processes and unions, some due to licenses and patents. But one thing is sure, the very best all around car I drive is not a GM, but I do love the few I have.
Want sugar or Sweet N’ Low with that Kool Aide?
What about the 46% of people that currently have and EV that plan on buying an ICE vehicle as their next vehicle?
Well Steak, that still means that 54% plan to buy another EV right? Also, let’s see what they really do when the time comes. Often with new tech like EV’s, there’s a bit of over-rated (higher) excitement at first, followed by a drop and then being less than enthusiastic with it. I did the same thing. And I did go back to ICE after my first (2015) EV. But all the EV qualities stuck with me and I then went back to EV again and won’t ever go back to ICE at this point. Way too much positive for the EV’s vs. the negatives.
So let’s see how many of those “46%” actually do go back to ICE.
Doesn’t mean they are trading in the EV.
Most households have 2 or more cars, and maybe they are replacing an older ICE car.
We are a multi-drivetrain household. Would like to replace the PHEV minivan with a full EV, but nothing comes close on the market, for an affordable price.
Never going back to ice only though. Well, never say never, they say. I guess if someone came out with ICE car that got more than 100mpg and had the instant torque and acceleration of an EV, and had no engine vibration and noise,…
Ok, so realistically, never.
That was bogus headline with a bit of misinformation.
It was based on Tesla owners that went to traditional dealerships. But 80%-90% of tesla owners buy another Tesla. So of the 20% that decided to go with a different brand, only ~1/2 of them went ICE. So really only about 10% “went back to ICE”.
However, a majority of US households have 2 or more cars. EV households often have one of those as a ICE or PHEV. It’s possible they got an EV from a different brand and ICE from another brand.
Don’t buy the bs headlines without reading the facts.
I encourage pure EV, for everyone else. If you want good gasoline at good prices for your sports car, motorcycle, and truck, Like I do, then let’s get lots of people driving EV for themselves. Think about this… we will always have our gasoline powered vehicles, and want to enjoy them, to do that we need people to buy EVs . Imagine gasoline diesel companies once again competing and discounting fuel to get our business, if you are too young to remember, that actually was a thing, fuel companies lowered prices and competed. They will again when majority of them (not us) drive EV.
Like GM owner says above, like the old steam engine, and horses, let’s move on and like horses our motorcycle, sports cars, trucks will be for leisure and luxury. And that is great, who needs to sit in commuter traffic idling a gas engine, makes no sense, for inner city, use and EV.
Meanwhile, dealer inventory of ICE vehicles are at record highs, and sales of ICE vehicles continue to slump.
EV inventories are high as well -and that is with the government $7500 incentive.
I’m seeing more and more Lyriqs, so far my first Blazer EV in Riptide Blue. Hopefully we’ll see loads of Equinox’s and Optiqs.
Saw my first Blazer EV on the road Saturday. It really is a good looking vehicle
I’m kind of a strange one in that I’m a true car guy and sort of have oil pumping through my veins. Hearing a nice V8 engine with a slight rumble as it pulls away from a light is difficult to beat. And yet, I’m now on my 3rd EV. I had a 2015 Spark EV that I ended up getting as a last resort when my 2014 Spark got totalled. And I loved it, but went back to ICE. Then a few years later went to my first 2023 Bolt EV. Loved it so much that after owning it for 15+ months, I sold it and purchased yet another brand new 2023 Bolt EV with more features. The Bolt’s (both of them) have been so impressive that I just love it. And yet again, I still own 2 ICE older Cadillac’s. Just had each of them out today for a little drive. Moving forward, I just don’t see myself going back to ICE in any way. Last week I decided to top off the gas tank on one of the Caddy’s and it cost me $36.00 to fill it up from just over a half tank. I haven’t spent that much to “fill it up” in such a long time. And that is why I can’t see myself ever going back to ICE.
I did the same thing with my first Bolt, too. I, too, enjoyed it so much that I trade it in to get a newer one with more features that I like. It will be interesting to see how they have improved the Chevy Bolt even further.
Sean: I too am quite excited to learn more about the new Bolt. Sadly, it sounds like it will be the EUV version and thus I will most likely pass. But still excited to learn more.
I want to see how the anti EV people will spin this- so much is being said about slumping demand and “falling” sales. The growth isn’t as fast as some predicted, but its still growth. Gas prices are relatively low right now- let something happen that causes a spike to $4k+ a gallon nationwide and you will see EV sales go through the roof.
syj215: As I admit to above, I do love my ICE vehicles and have been a car guy for 47 years now. And yet, I’m open minded and don’t buy into the conspiratorial things out there. I subscribe to numerous Youtube channels and most all are about cars. One that I just recently found and the guy just started is called Fractured Climate. The reason I decided to subscribe to his channel was because he isn’t about conspiracies and he give factual info with the receipts to back it all up. It’s worth looking up and watching, but I’m sure the majority of anti-EV people out there would have all kinds of spin on his facts as well.
$4000 a gallon I would switch to an EV too 🤣
Haha. I think everyone would switch at that price! But we all know they meant $4.00 per gallon. But that will absolutely NOT stop people from buying and driving all these huge trucks and SUV’s. That magic number would need to be +/- $7.00 per gallon before buyer trends would finally change.
You would see how I would ‘spin’ it.. if I wasn’t just silenced through moderation. Wasn’t even vulgar. Have fun with your EV sycophant forum. Don’t forget to recycle yourself.
It’ll be interesting to see how EVs will do if there is a new administration come January.
But the right-wingers assured us EVs weren’t selling!