This Week in EV: Growing Sales
Tom Clarke
Strategy & Product Leader | EV Product Manager at Parkopedia | Founder, This Week in EV | Advisory Board Member | MBA, CMgr FCMI
We kick off this week's news with that latest from Ford whose EV sales surged by 61% in Q2 2024 in the US, totaling nearly 24,000 units, surpassing General Motors to secure the second spot in the US EV market behind Tesla. This growth was driven by significant increases in sales across all of Ford's EV models: the F-150 Lightning saw a 77% rise, the Mustang Mach-E 46%, and the E-Transit 96%. Ford's total EV sales for the first half of 2024 reached 44,180 units, a 72% year-over-year increase. If you make compelling EV’s then it shows the drivers are wanting to make the switch.
Another manufacturer in the US showing strong growth is Kia whose EV sales in the US doubled in the first half of 2024, setting a new record with 29,392 units sold. The three-row EV9 and its EV6 models significantly contributed to this growth, with over 5,000 units sold for three consecutive months. The EV9 as a large SUV, starting at under $55,000 and capable of 320 miles on a full charge, has been a leader with very little competition from other OEM’s at the moment and this is all before the Kia EV 3 (aka the baby EV 9) hits the US market.
Staying with Kia the company has begun accepting reservations for its new EV3 in South Korea, with prices starting at around $30,700 (KRW 42.08 million) before tax benefits. After incentives, the price for the standard model drops to approximately $21,960. With those prices the car is proving to be a hit with the South Korean driver with over 10,000 reservations already in place for the car. The EV 3 should come to the UK and Europe later this year and I expect we’ll see similar levels of interest here when it arrives. Read more
China though continues to be the leader when it comes to EV and it’s easy to see why with cars significantly cheaper, the latest EV from XPeng is the newly announced M03 sedan as part of its new MONA lineup of electric vehicles, priced below $27,500. The M03 will officially launch in China in August 2024 and features advanced smart driving capabilities. It boasts a drag coefficient of 0.194 (for comparison the Tesla Model 3 has a 0.219 coefficient), making it the most aerodynamic all-electric hatchback sedan. Read more
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