Wednesday, July 17, 2024

Electric Vehicle Sales Surge in Record-Breaking March

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March 2024 saw several automakers in the U.S. celebrate historic sales figures, ending the first quarter on a high note. Hyundai Motor America, Toyota Motor North America, and Kia America all reported increased sales, especially in the electric vehicle (EV) category. On the other hand, General Motors Co. and Stellantis experienced a decline in sales during the same period.

Hyundai’s EV sales skyrocketed by 100% in March, with total sales reaching 76,920 units, marking a 2% increase compared to March 2023 and setting a new record for March sales. In the first quarter, the company sold 184,804 vehicles, establishing a new first-quarter sales record. EV sales in the quarter soared by 62%, driven by strong sales growth of the Ioniq and Kona models.

Toyota’s March sales of electrified vehicles reached 78,157, a significant 61% increase year-over-year on a daily selling rate basis. These sales accounted for about 36% of the company’s total sales volume, with a total of 214,894 vehicles sold in the month, up 22% from March 2023. Toyota credited this growth to the increasing consumer demand for its 27 electrified models.

Kia bounced back from lackluster sales in February to achieve 69,472 unit sales in March, the second-highest Q1 sales in its history. Models like the Forte, Sportage, and Telluride were top sellers, with each model delivering over 10,000 units in March. Additionally, Kia saw a 9% growth in EV sales compared to the previous year.

Ford Motor Co. set records with hybrid and EV models in the first quarter. The company reported a jump of 86% in EV sales compared to the same period in 2023, making Ford the second best-selling EV brand in the U.S. Hybrid sales totaled 38,421 vehicles, a 42% increase year-over-year.

American Honda Motor Co. had its best first quarter in three years, with sales up by almost 12% in March to 130,504 units. March sales momentum continued the strong performance from a record-setting February, with almost all models in the lineup posting sales increases.

Mazda North American Operations reported total sales of 37,119 vehicles in March, a nearly 7% increase compared to the same period last year. Sales were driven by record-breaking sales of the CX-30 and strong performance of the CX-50 and CX-90 models.

Stellantis reported total sales of 332,540 vehicles in the first quarter of 2024, down by 10% from Q1 last year. However, sales of plug-in hybrid models saw an 82% increase. Stellantis plans to launch eight fully battery-electric vehicles in the U.S. by the end of the year.

General Motors Co.’s Q1 sales of 594,233 vehicles in the U.S. were down 1.5% year-over-year due to lower fleet deliveries. The company did see a 6% retail sales increase and reported its best quarterly sales of the Buick Envista model.

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