Several brands ‘cooling off’ in U.S. despite rise in overall BEV sales

Several brands ‘cooling off’ in U.S. despite rise in overall BEV sales

Sales of battery electric vehicles (BEVs) are growing across the United States, but some brands and their certain electric models aren’t enjoying growth. According to fresh stats published by Experian, the total number of new BEV registrations in the first five months of this year in US market grew 68 per cent year-over-year to settle at 447,514 units, but some brands and models that enjoyed strong growth in 2022 seem to be ‘cooling off’ as their sales declined this year.

American automakers Ford, Lucid, and Cadillac, as well as South Korean manufacturer KIA and German brand Porsche have suffered unprecedented declines in their BEV sales this year. Tesla Motors has remained strong as the company enjoys cult following in the electric vehicles segment. During the January through May period of this year, Ford’s battery-powered Mustang Mach-E model suffered a decline of 29 per cent year-over-year to 10,948 units.

During year 2022, the Mach-E’s sales were recorded at 38,469 units, up 50 per cent year-over-year. It may be noted here that rival automaker Tesla slashed the prices of its Model Y, which might have snatched several of the Mach-E’s potential buyers. By the end of May this year, Ford lost some share in the American BEV segment as it accounted for 5 per cent as compared with 6.5 per cent a year ago. Porsche Taycan slipped 26 per cent to 2,679 units.

South Korean brand Kia Motors more than tripled its BEV sales last year, but suffered a steep decline in sales this year. In the first five months of this year, sales of the Kia EV6 and Kia Niro EV slipped 29 per cent and 27 per cent to settle at 6,780 units and 4,425 units, respectively.

GMC, a division of GM for trucks and utility vehicles, reported sales of just 63 units, down from 222 units a year ago. Porsche’s BEV sales or registrations in the U.S. in the first five months of this year slipped 26 per cent year-over-year to 2,679 units, while the Hyundai Ioniq 5’s sales slipped 3.4 per cent to 10,406 units. Surprisingly, Tesla Model S also suffered a steep decline in sales. Model S sales declined 59 per cent to 5,335 units.

The list of losers also includes Japanese manufacturer Nissan as well. Sales of the Nissan Leaf declined 48 per cent. The addition of the all-new electric model Ariya could only compensate for the lost volume. Thus, the brand’s overall result remained flat.

Business News: