U.S. Monthly EV Sales

Highlights:

• Battery Electric Vehicle (BEV) sales were 96,666, down 1.2% vs last month and down 5.7% compared with last year

• Plug-in-Hybrid Electric Vehicle (PHEV) sales were 23,648, down 18.7% vs last month and up 4.8% compared with last year

• Hybrid Electric Vehicle (HEV) sales were 133,533, down 4.0% vs last month and up 32.5% compared with last year

• Electric Vehicle (EV) sales were 253,847, down 4.5% vs last month and up 12.4% compared with last year

• Internal Combustion Engine (ICE) sales were 1,068,085, down 8.3% vs last month and down 6.5% compared with last year

• Light-Duty Vehicle (LDV) sales were 1,321,932, down 7.6% vs last month and down 3.4% compared with last year

With the June EV data out from Argonne National Labs, we took a look at the first half numbers compared to prior years. The BEV slowdown stands out.

Total EV sales were up 20% in 1H24 versus 45% last year. 

BEV sales in 1H24 slowed to 1.6%, a significant drop from the growth in 1H23 as consumers re-evaluate the move to battery vehicles and marginal buyers get harder to find.

Only the other hand, HEV sales continue to grow at a healthy pace, up 36%, challenging longer-term legislation seeking to phase these options out.

A smaller part of the EV market, PHEV grew at 35% in 1H24.

With the slower growth, BEV share of the light duty vehicle market actually dipped slightly.

HEV market share of 9.1% in 1H24 reached an all-time high.

PHEV represents just over 2% of the U.S. LDV market.

The LDV market in general grew at 2.1%, so BEVs actually underperformed the broader market. ICE vehicle sales were down 1.1% in 1H24.

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