According to the latest data from S&P Global Mobility, in April, the US marketElectric vehicleRegistrations fell for the first time in 14 months. Consumers are still on the fence about electric vehicle technology, despite automakers’ continued promotions in the U.S. and federal tax subsidies of up to $7,500 per vehicle available.
US EV share fell to 6.6% in April
According to the data, in April, the number of electric vehicle registrations in the United States was 97,833, down 4.4% from the same period last year and the first year-on-year decline since February 2024. In contrast, registrations of all light vehicles (including all power types) in the United States increased by 7.2% to nearly 1.5 million units in April. As a result, in April, U.S. EV registrations accounted for 6.6% of the overall U.S. light vehicle market, a significant drop from 7.4% a year ago.
From January to April this year, the number of electric vehicle registrations in the US market increased by 11% to 405,529 units; The share of electric vehicles in the overall U.S. light vehicle market increased slightly by 0.3 percentage points to 7.4% compared to the same period last year.
Tom Libby, an automotive analyst at S&P Global, said the decline in electric vehicle registrations in the United States is not surprising. Consumers are turning to gasoline-electric hybrids, which are becoming more popular, and the growth of the electric vehicle market has slowed. “[EVs] have been weaker in the last few months, so I think the EV market is currently showing a continued weakening trend,” Libby noted. We’ll have to keep an eye on where it goes next, but there are a lot of factors that are currently working against EVs. ”
Libby said that in addition to worrying about charging costs and range, consumers have also learned from the media that the US government’s support for electric vehicles is about to be cut. Automakers’ investment in EV technology is also slowing and EVs do not yet have enough natural demand, further eroding consumer confidence. Libby said electric vehicles tend to be popular when they are launched due to strong promotions and a new look, but then their popularity gradually declines.
But on the positive side, government subsidies and incentives from automakers have made the price of electric vehicles less out of reach, making the price of some electric models basically the same as gasoline or hybrid vehicles of the same class.
teslaModel YenrollmeasureDecline 42%
According to data from S&P Global Motors, Tesla, the best-selling electric vehicle brand in the United States, saw registrations fall 16% to 39,913 units in April. With the exception of the cheapest model, the Model 3 sedan, Tesla’s every model saw a decline in registrations in April.
Among them, Tesla’s Cybertruck pickup registrations decreased by 3% from the same period last year to 1,680 units; Registrations for Tesla’s best-selling Model Y crossover fell 42% to 18,978 units in April. Tesla said on April 2 that switching from the old Model Y to the new Model Y reduced the model’s production time by several weeks in the first quarter.
Chevrolet was the second brand with the highest number of registrations in the U.S. electric vehicle market in April, with registrations nearly tripling to 9,160 units in the same period last year, and its market share in the electric vehicle segment increased to 9.4% from 2.8% in the same period last year. Among them, the Chevrolet Equinox electric model registered 5,424 units in April, making it the third largest electric vehicle registered in the U.S. market that month, after Tesla Model Y and Model 3, and the Chevrolet Blazer electric vehicle ranked sixth with 2,662 registrations.
“The Chevrolet electric Equinox and Blazer models are in the core area of the market, giving GM a big advantage,” Libby said. “In addition, Equinox’s starting price ($34,995 including shipping) is very competitive.
In April, Ford’s electric vehicle registrations fell 33% to 5,534 units, ranking third in the U.S. electric vehicle market. Among them, registrations for the Mustang Mach-E crossover and F-150 Lightning pickup both fell by double digits compared to the same period last year.
Libby believes that Ford relies too much on its only electric crossover, the Mustang Mach-E. “If we leave aside the F-150 Lightning pickup model, they currently only have one (electric) model. So far, they’ve been doing well, but there’s a limit to what one model can achieve. “However, in the van market, Ford also has the E-Transit 350 electric vehicle. The model was registered in April with 1,245 units, nearly three times the same period last year.
In addition, the Hyundai Ioniq 5 crossover has 3,307 registrations and the BMW i4 sedan has 2,707 registrations. Other best-selling models include the Nissan Ariya (2,516 units registered in the US in April) and the Acura ZDX (2,315 units registered in the US in April).
In the list of best-selling electric vehicles in the United States in April, only Tesla Model Y, Model 3 and Chevrolet Equinox had more than 5,000 registrations, indicating that demand in the US electric vehicle market is still relatively weak.
Libby believes that most electric models have a demand cap, making them impossible to popularize to the general consumer group. “Once they enter the market, they reach the upper limit once they reach a certain level. This cap appears to be between 4,000 and 5,000 vehicles per month, or 50,000 to 60,000 vehicles per year. In the current market environment, it seems that they can only reach such a level. ”
