In the second quarter, approximately 0.164 million electric cars were sold to Americans, a 6% decrease from the same period last year. Its market share dropped from 59.4% in the same period last year to 49.7%, but that's okay. Since the popularity of battery-powered cars by electric vehicle (EV) leader Tesla, its market share has fallen below 50% for the first time. This is a good sign for the industry and Tesla. As of press time, Tesla rose by nearly 3% in early trading. In the second quarter, nine auto manufacturers sold over 0.01 million electric cars with batteries, including Volkswagen, BMW, autos, Hyundai, Kia, and of course Tesla. This is an increase from eight manufacturers one year ago. Toyota (including Lexus) has also joined the ranks. Some luxury car manufacturers, such as $Polestar (PSNY.US)$, Porsche, $volvo ab unsponsored adr class b (VLVLY.US)$ and Mercedes, worked hard to sell electric cars in the second quarter. Compared with the same period last year, the sales of these companies in the second quarter have all declined by double digits. This once again confirms that the luxury car end of the battery electric vehicle market is already saturated.$Tesla (TSLA.US)$From the second quarter, its market share fell from 59.4% in the same period last year to 49.7%, but that's okay.
Since the introduction of battery-powered cars by electric vehicle (EV) leader Tesla, its market share has fallen below 50% for the first time. This is a good sign for the industry and Tesla. As of press time, Tesla rose nearly 3% in early trading.
Electric cars are becoming mainstream, which is good news for anyone looking to sell electric cars.
In the second quarter, Americans purchased about 0.33 million pure electric cars, setting a new historical record, an increase of 11% compared to the same period last year. This result is gratifying. In the first quarter, the sales volume of electric cars only increased by 3% year-on-year, far below the growth rate of 46% in 2023.
The slowdown in growth at the beginning of 2024 made everyone nervous. In 2024, Tesla's stock price fell 44% from the low point in April. The partly reason for the decline was that the delivery volume in the first quarter was lower than expected, down nearly 9% from the same period last year.
Now Tesla's stock price is flat for the year, up about 20% after better-than-expected second-quarter deliveries. Tesla's global sales volume in the second quarter was about 0.444 million, a decrease of less than 5% year-on-year.
In the United States, Tesla sold about 0.164 million vehicles with a market share of 49.7%. Although it is lower than 50%, investors are not concerned. After data provider Cox Automotive released its market share for the second quarter, Tesla's stock price rose. One reason for this reaction is that no one expects Tesla to dominate the market forever. Another reason is that Tesla and other car manufacturers need a higher penetration rate of electric vehicles in the future to sell enough battery-driven cars to prove the rationality of stock market valuations and electric car investments.
The penetration rate of electric vehicles in new car sales in the United States is about 8%. In the past six quarters, this proportion has been around 7% to 8%. However, there are signs that Americans are becoming more enthusiastic about electric vehicles. More and more car manufacturers are starting to sell electric cars in large quantities, and there are more economical choices.
In the second quarter, the sales volume of battery-powered electric cars from nine car manufacturers exceeded 0.01 million vehicles, they were Volkswagen, BMW, General Motors (GM.N), Ford (F.N), Hyundai, Kia, Rivian (RIVN.O), Toyota Motor (TM.N), and of course Tesla. This is an increase from eight companies a year ago. Toyota (including Lexus) has also joined the ranks.
It is a good sign that more affordable choices are being snapped up by American buyers. Whether it is Tesla or other companies, cars that are priced right can sell well.
In the second quarter, more than nine auto manufacturers sold over 0.01 million electric cars with batteries, including Volkswagen, BMW, autos, Hyundai, Kia, and of course Tesla. This is an increase over eight manufacturers one year ago. Toyota (including Lexus) has also joined the ranks.$General Motors (GM.US)$,$Ford Motor (F.US)$Including autos, Hyundai, and Kia.$Rivian Automotive (RIVN.US)$,$Toyota Motor (TM.US)$This includes eight manufacturers one year ago and Toyota (including Lexus).
During the second quarter, some luxury car manufacturers such as $Polestar (PSNY.US)$, Porsche, $volvo ab unsponsored adr class b (VLVLY.US)$, and Mercedes worked hard to sell electric cars.$Polestar Automotive (PSNY.US)$Such as Porsche.$Volvo AB Unsponsored ADR Class B (VLVLY.US)$This further confirms that the luxury end of the battery electric vehicle market is already saturated, and the sales of these companies in the second quarter of this year have all declined by double digits compared to the same period last year.
Kia made some of the biggest progress in the second quarter, with a market share growth of nearly 3 percentage points from last year. Ford is the second largest electric car manufacturer in the United States, with a market share increase of about 2 percentage points. General Motors' market share is slightly higher than 1 percentage point.
The best-selling model for Kia in the second quarter was the Kia EV6, which was priced at about 0.043 million US dollars. The best-selling electric car model for Mercedes-Benz is its EQE SUV, which is priced close to 0.075 million US dollars.
It is a good sign that more affordable choices are being snapped up by American buyers. Whether it is Tesla or other companies, cars that are priced right can sell well.
Tesla's stock price fell by about 1% in the past week, while the Standard & Poor's 500 Index rose by about 1%. Tesla's announcement to postpone its robot taxi activity in August dealt a heavy blow to the stock price. The topic of this event is the future of autonomous driving cars. Now, investors are more concerned about autonomous driving cars rather than quarterly market share of electric vehicles.
Edited by Jeffrey