EV Sales Hit High in Q2 But Growth Likely to Slow

Tesla’s share fell below 60% for the first time, but the No. 2 seller of EVs in the U.S. – Chevrolet – is a distant second. Numbers will fuel the budding used EV market further.

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July 13, 2023

EV Sales Hit High in Q2 But Growth Likely to Slow — EV sales records will continue to be set, and EV growth will continue to outpace overall industry growth, but the days of 75% year-over-year growth are in the rearview mirror. The hard-growth days are ahead.
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Nearly 300,000 new electric vehicles (EVs) – full battery-electric vehicles – were sold in the U.S. in Q2, a record for any quarter and an increase of 48.4% from Q2 2022, according to Cox Automotive.

Tesla, again, was the largest seller of EVs in the U.S., with more than 175,000 sold, an increase of 34.8% quarter over quarter. Sales growth at Tesla, and the EV segment overall, was aided by sizeable price cuts by some automakers (Tesla, really) and incentive levels well above the industry average. In June, the average price paid for an EV was down nearly 20% year over year. EV share of the U.S. market in Q2 was 7.2%, up from 5.7% a year ago and down from the high in Q1 of an upwardly revised 7.3%.

Chevrolet No. 2 EV Seller

Tesla is the No. 1 seller of luxury vehicles in the U.S., but its share of EV sales continues to fizzle. In Q2, Tesla’s share fell below 60% for the first time, but the No. 2 seller of EVs in the U.S. – Chevrolet – is a distant second. Tesla outsold Chevrolet 10 to 1 in Q2.

Ford and Hyundai are third and fourth behind Chevrolet. Newcomer Rivian had a good quarter, with more than 20,000 units sold. Tesla’s success, in many ways, is the Model Y, the leading EV in America. One of every three EVs sold last quarter was a Tesla Model Y. Add in the similar-sized Model 3, and those two products are half the electric vehicle business. The once-leading Model S is no longer the best-selling high-end EV. Sales last quarter were estimated at 5,257, down more than 40% year over year and well behind the newcomer: BMW i4 EV sedan, with 6,777 sales in Q2, the new boss when it comes to super-lux EV sedans.

EV sales growth and filling the gaps in infrastructure to support EV mobility continue to be the industry’s leading story. Cox Automotive expects the country to welcome 1 million new EVs to its roads in 2023, which will fuel the budding used EV market further. Sparked in part by government incentives, new battery production facilities are cropping up around the country, and factories are being retooled and rethought to support EV production.

This fall, the United Auto Workers are negotiating their labor contracts with many automakers, and one topic is front and center: EVs. Even vehicle transportation and logistics – the trucking of EVs – is being redesigned in some part, as the current crop of EVs is heavier and harder to move than their ICE brethren.

EV Sales Keep Growing

In a recent Cox Automotive survey, more than 50% of shoppers were interested in adding an EV to their stable. Being interested is easy, of course, but far fewer people actually buy. And in the same survey, 53% of consumers agreed that EVs will eventually replace traditional ICE-powered vehicles. Dealers were more cautious, with only 31% agreeing on an all-EV future. Dealers have a front-row seat to the many challenges ahead. And many dealers, recently, have been watching EV inventory building.

In late June 2023, the days’ supply of EVs was over 100, whereas industry-wide inventory levels were closer to 53 days. When it comes to EV sales, the market is likely heading into its Trough of Disillusionment (hat tip to the Gartner Hype Cycle), where collaboration across many parties will be necessary to push through.

Building EVs is one thing, and many in the industry are proving excellent at that skill. Selling EVs is something different altogether. Yes, EV sales records will continue to be set, and EV growth will continue to outpace overall industry growth, but the days of 75% year-over-year growth are in the rearview mirror. The hard-growth days are ahead.

EV Inventory Grows as Supply Varies by Brand, Segment and Price

The inventory of EVs grew further in June, closing the month at a 103 days’ supply. The industry had 90,953 EVs in supply during the 30 days that ended June 26, with 26,420 sold and an average listing price of $63,486. The numbers exclude Tesla, which sells direct to consumers. Only ultra-luxury vehicles and high-end luxury cars had more inventory.

Most EV models individually closed June with more than 100 days’ supply.

GM, which said many of its EVs in transit are already sold, had some of the lowest inventories of EVs. The Cadillac Lyriq closed June with a 50 day’s supply. The Bolt EV had only a couple thousand units available for a 23 days’ supply. The Bolt had just over 1,200 units available for a 23 days’ supply. GM is discontinuing production of the Bolt and Bolt EUV by year-end. However, GMC Hummer EV inventory had over 100 days’ supply.

The Ford F-150 Lightning closed June with an 88 days’ supply, below the supply count for all F-Series pickups, which is above 100 days. The Mustang Mach-E had 116 days’ supply.

The BMW i4 was at the low end with only a 40 days’ supply.

The average listing price for EVs was $63,486 in June. However, the average transaction price – the price paid – was down 20% compared with a year ago to $53,438, driven by Tesla price cuts and rising incentives. EVs had the next highest incentives in June, after luxury vehicles in general. EV incentives were 7.1% of ATP, compared with only 4.2% for the total industry.

Topics:New Vehicle Sales Tesla electric vehicles Tesla Model Y Tesla Model 3 Green Fleet Fleet Forward

Originally posted on Charged Fleet

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