Musk’s Mighty Market Dominance: Tesla Model Y Leads Q3 EV Sales Report
Experian has released its Automotive Market Trends report for the third quarter of 2024, and it shows that, of new vehicle registrations,11.5% were EVs and electric plug-ins, up from 6.2% in the third quarter of 2021.
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Leading the pack, by a wide margin, was Tesla, with its Model Y taking 29.5% of all new EV retail registrations. Meanwhile, the Model 3 had 15.8% and the newly introduced Cybertruck came in with 4.7%. No model from other manufacturers had more than 4.1%, with the flagship Ford F-150 Lightning at1.9%, the same as the obscure Nissan Ayria.
The data are telling in two ways. The idea that sales of EVs in the U.S. have flattened is not entirely true, and while the growth toward what some car executives and government officials are well shy of the 50% they hoped for in 2030, there is a steady slow march.
U.S. automakers’ woes
The other telltale sign from the study is the extent to which GM and Ford have made almost no inroads with the EV market, despite investments that run well into the tens of billions of dollars. Meanwhile, companies such as South Korea’s Kia and Hyundai did just as well, and luxury cars from BMW showed progress.
Overall, however, the EV market remains small, in large part because of charging times, number of charging stations, range anxiety, tire wear and poor cold-weather performance. However, it appears that sales have started to move beyond early adopters.
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