Earlier today, we examined Q2 2024's all-electric car sales for non-Tesla brands in the U.S. Now, it's time to look at EV growth or declines for the major automotive companies themselves. And in this past quarter, give the Hyundai Motor Group its flowers yet again—when Hyundai, Genesis and Kia are combined, it continues to be America's non-Tesla EV leader.
Non-Tesla EV sales reached a new record in Q2, as many manufacturers increased sales volume and a few ones joined the party.
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Traditional manufacturers have their own EV race
The Hyundai Motor Group, Ford, and General Motors remain among the top non-Tesla automotive groups in terms of EV sales volume. In Q2 they increased EV sales quite noticeably.
This report includes 11 traditional manufacturers for which consistent data is available: BMW Group (BMW and Mini, but without data for the Mini Cooper SE model), Ford Motor Company (Ford and Lincoln, which makes plug-in hybrids but not full EVs yet), General Motors (the BrightDrop delivery van division, Cadillac, Chevrolet, GMC), American Honda (Honda and Acura), Hyundai Motor Group (Hyundai, Kia and Genesis), Mercedes-Benz (excluding its van division), Nissan, Subaru, Toyota Motor Corporation (Toyota and Lexus), Volkswagen Group (Volkswagen, Audi and Porsche) and Volvo.
Not all manufacturers report their sales results in the U.S., especially the newer companies like Tesla, Rivian, Polestar, Lucid, Fisker and VinFast. They do not break out sales by country or region so their figures can't be included in this report. They are also 100% electric already.
EV Sales By Automotive Groups - Q2 2024
The listed 11 traditional automaker groups delivered more than 142,000 all-electric cars in Q2 2024 in the U.S., about 36% more than a year ago.
Three automotive groups (again, aside from Tesla) exceeded 20,000 units—Hyundai Motor Group with at least 35,401 units, Ford with 23,957 units and General Motors with 21,930 units. In the case of Hyundai, we say "at least" because we don't have the number for the Hyundai Kona Electric model; it's counted together with the gas-powered Kona.
The Hyundai Motor Group achieved an outstanding 74% year-over-year growth rate, cementing its lead at the top of the non-Tesla EV manufacturers. Ford also wasn't bad with its 61% year-over-year increase, while GM expanded by 40% year-over-year. Not bad, considering it no longer has the Chevrolet Bolt to underwrite new EV sales.
On the other hand, we can see that some manufacturers are struggling as the race gets more competitive. The Volkswagen Group noted a 15% year-over-year decline to 11,904. The group was passed by BMW Group (14,081). Surging Toyota Group (11,607 and up over 300%) was right behind. Rivian probably also sold more than 10,000 units in Q2 in the U.S. (its global volume was 13,790).
Volvo's EV sales weakened significantly in Q2 to just 1,011 units (down 79% year-over-year) and not helped by the delayed market launch of the EX30 and EX90 models. Meanwhile, we can welcome Honda Group with a total of 1,873 Acura and Honda EV sales.
New to the EV scene is also Stellantis, which noted initial sales of the Fiat 500e model in Q2, although we are not entirely sure about the numbers (up to 163 units). This number is also too small to be even shown on the charts. Hopefully, reliable data will be available next time.
New All-Electric Car Sales In Q2 2024 - U.S.
* Excludes Tesla and other companies for which data was not available
** Hyundai sales without the Hyundai Kona Electric model
*** BMW Group sales without the Mini Cooper SE
**** Mercedes-Benz without eSprinter van
Now let's look at how much of these automakers' total sales are all-electric. Many have committed to going 100% zero-emission someday, so this data point is often a metric of their progress.
Let's note that at least for now, this metric remains a bit skewed. Not all brands within particular groups even offer EVs, which lowers the average of the large groups compared to single-brand automakers.
In Q2, the highest EV share was achieved by the BMW Group (at least 14.5%) and Mercedes-Benz (11.4% excluding vans). However, while BMW expanded, Mercedes-Benz noted a big decline from 17.1% a year ago.
The two premium German manufacturers remain at the top, but behind them, we can see interesting changes. The Hyundai Motor Group improved its EV share to at least 8.1% from 4.6% a year ago becoming the number three conglomerate ahead of Volkswagen Group. That finished at 7.0%, down from 9.2% in Q2 2023.
Ford improved its position to 4.5% from 2.8% a year earlier and appears noticeably ahead of average. General Motors with a 3.2% share, up from 2.3% a year ago, is finally rebounding from a weaker period—call it the Bolt EV retirement effect.
One of the most interesting things is that Toyota and Lexus improved their collective EV share almost four times to 1.9%. We can also see Honda and Acura getting started with an initial 0.5% EV share.
All-Electric Car Share In Total New Sales In Q2 2024 - U.S.
* Excludes Tesla and other OEMs for which data was not available
** Hyundai sales without the Hyundai Kona Electric model
*** BMW Group sales without the Mini Cooper SE
**** Mercedes-Benz (excluding vans)
In the coming quarters, non-Tesla EV sales should increase both in terms of volume and EV share, most likely outpacing Tesla. We are now eagerly awaiting multiple all-new brands and a two-digit number of new EV models.
