Electric vehicle registrations increased 15% in the U. S. in January. While Ford and GM’s EV registrations declined, Rivian (RIVN) and Hyundai saw some of the most powerful growth.
Electric cars accounted for 7. 8% of new light vehicle registrations in the U. S. U. S. growth rates in January, up from 7. 1% in January 2022, and also up from 7. 7% in 2023.
Based on the registration data of S.
This knowledge is vital because not all automakers release their monthly sales figures. Tesla registrations rose 15%, in line with the average, to 48,757. Model 3 registrations fell 23% after the loss of the $7,500 electric vehicle tax credit. It also presented an updated model.
Tesla’s best-selling Model Y had 11,739 registrations in January, a 35% year-over-year increase. Model X (-32 percent) and Model S (-68 percent) saw year-over-year growth. After its launch in November, the highly anticipated Tesla Cybertruck had 72 registrations.
Rivian and Hyundai were among the leaders in expanding electric vehicle registrations. Rivian’s R1S led the expansion, while Hyundai’s IONIQ five picked up the pace.
Meanwhile, Ford and Chevrolet had fewer registrations than last year. Mustang Mach-E registrations fell 38% (1,977), while the F-150 Lightning gained 4. 5% year-over-year (2,956). has surpassed Rivian’s R1T as the best-selling electric pickup truck.
GM’s Chevrolet ranks third with 4,353 EV registrations. After ending production of its best-selling Bolt earlier this year, registrations fell 45% to 4,119. The new Chevrolet Blazer EV (which just came out of an early bird sale) and the Silverado EV had 234 vehicles combined. Inscriptions.
Hyundai had a strong month with 4,144 EV registrations in January, a 79% year-over-year increase. IONIQ five had 2,436 registrations (-47% year-over-year), while IONIQ 6 had 1,063.
Including Kia and Genesis, Hyundai Motor surpassed Ford and Chevy with 8,262 registrations in January.
Electric vehicle startup Rivian trended upwards, ranking fifth, with 3,818 listings. Despite a 44% drop in the number of R1T’s, R1S took over and enrollments quadrupled.
Kia took sixth place after EV registrations doubled year-over-year. Its new three-row EV9 is off to a good start with 1,361 registrations. The EV6 had 1,338, while the Niro EV had 1,018.
Other automakers, including BMW, Mercedes-Benz and Cadillac, saw EV registrations rise in January. At the same time, registrations of the Volkswagen ID. 4 fell by 47 percent.
While many automakers are fighting for the same mid-size electric SUV segment, several have made significant deals to reduce competition. For example, Hyundai offers a 0% annual interest rate on the 2024 IONIQ 5. The offer can constitute up to $7,800 in savings to a Tesla at the same price.
Volkswagen has announced a $13,000 price tag on the 2023 ID. 4 AWD Pro S Plus as it leaves room for new models.
Despite strong initial demand, Kia is already putting up $5,000 in cash for its first three-row electric SUV, the EV9.
With new models like the Volvo EX30, Fiat 500e, Honda Prologue, Chevy Equinox EV and more launches this year, it will be to be seen how the ratings evolve in the coming months.
Peter Johnson covers the automotive industry’s step-by-step transformation to electric vehicles. He is a seasoned investor, money writer, and electric vehicle enthusiast. His enthusiasm for electric vehicles, primarily Tesla, is one of the main reasons he pursued a career in investing. If he doesn’t tell you about his latest discoveries in the 10K, you can spot him enjoying the outdoors or exercising.