EIA Reports Increase in U.S. EV Sales After Slowdown

By Charles Kennedy
click here to read this article at Oilprice.com
*this article was not written by Roseland Oil & Gas

Quarter-over-quarter, the United States has seen the share of electric and hybrid vehicle sales increase by around 1%, after a decline in the previous quarter, with hybrid sales driving the increase, according to the Energy Information Administration (EIA) on Monday.  

Citing estimates from Wards Intelligence, the EIA recorded Q2 2024 sales of hybrid, plug-in hybrids (HEVs) and battery electric vehicles (BEVs) as having risen from 17.8% to 18.7% from the first quarter to the second, with HEVs driving the increase with a 30.7% jump in sales.  

After a blip in which EV sales saw numbers drop in the first-quarter, BEV sales for Q2 accounted for 7.1% of the U.S. light-duty-vehicle (LDV) sales in the second-quarter, which reflects the numbers we saw in the same quarter of last year. 

Prices have also fallen, according to the EIA, citing average BEV transaction prices in the U.S. (excluding incentives) as having dropped from $57,405 in January to $56,371 in June. BEV sales prices were over 21% higher than the average LDV cost in January, but just under 16% higher than the average LDV cost in June. 

The EIA also noted that Tesla, the biggest EV manufacturer, is no longer the majority seller, accounting for 48.9% of market share in the second-quarter for the first time since 2017. Legacy manufacturers such as Ford, Chevrolet, Hyundai and Kia have stepped in to absorb some of that market share, with Ford accounting for 8% of EV sales in the second-quarter. 

Ford reported in July that its monthly sales were up 31% compared to the same time period a year ago, and represented six straight months of year-on-year growth for the auto giant’s EV segment. 

From a “Made in America” perspective, the EIA cited Wards Intelligence as indicating that nearly 75% of all BEVs sold in the U.S. in Q2 were manufactured in North America, down from nearly 79% this same quarter last year. 

By Charles Kennedy
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas