Tag: Sales

May 01

Kia Sets New U.S. Record for Electric Vehicle Sales in April 2024

Kia’s Electric Vehicle Sales Surge in April 2024

Record-Breaking EV Sales Achievements

In an unprecedented surge, Kia America marked a significant milestone by selling approximately 5,000 all-electric vehicles in April 2024 alone. This achievement comes amidst a slight 3.6% dip in overall vehicle sales from the previous year, totaling 65,754 units in April. Despite a year-to-date decrease of 2.8%, resulting in 245,375 vehicles sold, Kia’s electric vehicle (EV) sector showed remarkable growth, more than doubling its sales figures compared to the same period last year.

Details of Kia’s Electric Expansion

Kia’s aggressive push into the electric market is underscored by robust sales across its EV models, particularly those built on the E-GMP platform—namely the EV6 and EV9—alongside the versatile Niro EV. In April alone, sales of the E-GMP-based EVs reached 3,623 units, a dramatic 192% increase year-over-year, accounting for 5.5% of Kia’s total sales volume for the month. The breakdown includes 2,051 units of the EV6 (up 65% year-over-year) and 1,572 units of the EV9, setting a new sales record for the latter.

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Kia’s Strategic Moves and Future Outlook

Kia’s commitment to expanding its EV lineup is further evidenced by its plans to start local production of the Kia EV9 in West Point, Georgia, as of May 2024. The company’s strategic positioning is enhanced by the anticipated full $7,500 federal tax credit expected by 2025, ensuring competitive pricing and accessibility for U.S. consumers. Kia’s executive team, including Eric Watson, vice president of sales operations, has expressed optimism about continuing this strong sales momentum, bolstered by upcoming releases like the new Sorento and refreshed models of the Carnival and K5.

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Impact and Future Directions in EV Market Presence

Kia’s strategic efforts in the EV market are not only redefining their brand identity but also setting new standards in automotive innovation and consumer choice. By effectively leveraging federal incentives and expanding local manufacturing capabilities, Kia is poised to enhance its market share and customer base in the U.S. This strategic focus on electric vehicles, combined with a diverse range of models, allows Kia to meet growing consumer demands for sustainable and efficient transportation solutions, further solidifying its position as a leader in the global automotive industry.

Apr 22

U.S. Non-Tesla EV Sales Slowed Down In Q1 2024, But There Are Some Clear Winners

Ford is the only brand besides Tesla that sold over 20,000 EVs. Kia, BMW and Hyundai exceeded 10,000, while Cadillac’s EV share surged.

With the first quarter of 2024 behind us, it’s time to look at how electric vehicle sales are faring in the U.S. amid what many believe to be a slowdown in the rate of EV adoption. And while it has slowed down in some ways, several brands with strong EV games are doing well anyway—and there are a few surprise winners here too.

According to sales data analyzed by InsideEVs, during Q1 2024, the 19 brands we examined below sold over 102,000 all-electric vehicles. For this group, it’s the third-highest quarterly result ever. However, the year-over-year increase amounted to 18%, which is the slowest result for the group in a few years.

It is also crucial to note that this data looks at non-Tesla EV sales; you can find that company’s latest results here.

BEV sales surged in 2023

In 2023, all-electric car sales increased to about 1.1 million units (estimated). Out of that, no less than 450,000 were sold by traditional carmakers (up 83% compared to 2022). 2024 is predicted to be a potentially slower year as many consumers wait for more charging, cheaper options and new battery technologies to take off.

This group of non-Tesla brands includes traditional carmakers that report their all-electric car sales in the U.S., like Audi, BMW, General Motors’ BrightDrop delivery van division, Cadillac, Chevrolet, Ford, Genesis, GMC, Hyundai, Kia, Lexus, Mazda, Mercedes-Benz, Nissan, Porsche, Subaru, Toyota, Volkswagen and Volvo.

Not all manufacturers report their sales results in the U.S., especially the newer companies like Tesla, Rivian, Polestar, Lucid, Fisker and VinFast. They do not break out sales by country or region so their figures can’t be included in this report. They are also 100% electric already.

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Several non-Tesla brands are missing from the group. Additionally, assuming that Tesla represents roughly half of all EV sales in the U.S. (probably well over 100,000) we can estimate that the U.S. total EV sales in Q1 were somewhere between 225,000-250,000.

EV Sales By Brands – Q1 2024

In Q1, just like in Q3 2023 and Q4 2023, Ford sold more all-electric vehicles (20,223) than any other non-Tesla brand in the U.S. It was the only result above 20,000 within the group.

Only three other brands exceeded a level of 10,000: Kia (11,412), BMW (10,713) and Hyundai (at least 10,468). In the case of Hyundai, we don’t have the number for the Hyundai Kona Electric, as its sales are lumped in with the gas-powered Kona.

A fifth-position finish for Chevrolet is a disappointment, but we know that the brand’s ramp-up issues with the Ultium platform, followed by software issues, played a role here. The brand no longer produces the popular Chevrolet Bolt EV/Bolt EUV duo, which underpinned most of its EV sales in 2023.

Overall, we can see a strong position for many premium brands, including BMW, Mercedes-Benz and most recently Cadillac.

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* Excludes Tesla and other brands for which data was not available

** Hyundai sales without the Hyundai Kona Electric model

Now let’s look at the share of EVs out of the automaker’s total sales. This shows how advanced a carmaker is on its electrification journey to become 100% electric someday.

The list of brands includes only traditional ones, for which data is available. Brands that sell only all-electric cars are excluded because their share is always 100 percent.

In Q1, the highest EV share was achieved by Cadillac at 16.4%. It was a bit surprising but a very positive outcome for General Motors’s luxury arm. Cadillac’s EV share noticeably exceeded several German luxury brands (Audi, BMW and Mercedes-Benz) that all had 12+ percent results.

Volkswagen continued to be the number one mainstream brand in terms of EV share (7.5%), followed by Kia (6.4%), Hyundai (at least 5.7%) and Ford (4.2%). Chevrolet noted 2.2%.

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* Excludes Tesla and other brands for which data was not available

** Hyundai sales without the Hyundai Kona Electric model

*** Mercedes-Benz (excluding vans)

For reference, the U.S. average EV share for traditional brands might be estimated at over 3% (assuming roughly 7% average EV market share, when including Tesla and other all-electric brands).

Stay tuned for more data on which brand is the most electrified; a separate report for automotive groups is coming next. If you are interested in seeing more detailed sales results for the individual brands, please check our previous reports:

Apr 22

VW and Honda Face Dealer Backlash Over Direct EV Sales Strategy

Introduction to the Direct Sales Controversy

Honda and Volkswagen are facing significant pushback from their dealer networks as they plan to introduce new sub-brands, Afeela and Scout, which will operate outside traditional dealership structures. This shift to a direct-to-consumer sales model, similar to those used by Tesla, Rivian, and Lucid, allows manufacturers to bypass dealerships entirely, a move that is legally permissible in some states. However, this strategy has ignited a heated debate within the automotive industry, with existing dealers fearing the loss of potential sales and customer interactions.

Dealers’ Response and Legal Threats

The resistance from dealers has culminated in a concerted effort to prevent these brands from sidestepping the traditional dealership model. The Automotive Trade Association Executives (ATAE) took a bold step by running a full-page ad in Automotive News, openly threatening legal action against Honda and Volkswagen if they proceed with their plans. This public declaration marks a significant escalation in the conflict, highlighting the dealers’ willingness to use legal avenues to maintain their role in the vehicle sales process.

Implications for Future Sales and Industry Dynamics

The ongoing dispute poses a crucial question about the future of vehicle sales and the viability of the dealership model in an era increasingly dominated by direct sales. Honda’s Afeela and Volkswagen’s Scout are testing the waters of this new approach, which could potentially reshape the automotive sales landscape if they decide to forgo traditional dealerships. As both brands approach their production and sales launch dates, the industry watches closely, aware that the outcome could set a precedent for how new vehicles are sold in the United States. The standoff underscores a transformative period in automotive sales, one that could redefine relationships between manufacturers, dealers, and consumers.

Apr 22

Tesla Cuts Prices Globally to Address Sales Slump and Intensify Market Competition

Tesla’s Global Price Reductions Amid Sales Decline

Tesla is responding to a recent sales downturn by significantly reducing the prices of its most popular models worldwide. Starting in the US, the company cut the prices of the Model Y, Model X, and the older Model S, with reductions also reaching markets in China and Germany. For example, the Model Y’s starting price in the US dropped to $42,990, while the Model S and Model X saw their prices reduced to $72,990 and $77,990, respectively, marking a savings of around $2,000 per vehicle.

Impact of Price Cuts on Global Markets

In addition to the US, Tesla’s price reductions extended to other key markets. In China, the refreshed Model 3 saw a decrease of 14,000 yuan, bringing its price to approximately $32,000. Germany also experienced a price drop, with the Model 3’s price reduced to €40,990, reflecting Tesla’s strategic move to counter the rising competition from affordable electric vehicles emerging from China.

Strategic Moves Amidst Market Pressures

The price cuts come as Tesla faces increasing competition from Chinese EV manufacturers and seeks to address recent operational challenges. The company is also reducing the cost of its Supercharger membership scheme in the UK, aiming to attract more non-Tesla EV owners by lowering the monthly subscription fee. This move is part of Tesla’s broader strategy to enhance market presence and revenue streams, especially after announcing a 10% reduction in its global workforce to cut costs and streamline operations.

Tesla Grille
(Image credit: Tesla)

Response to Industry Dynamics

Elon Musk’s decision to lower prices globally follows a pattern of aggressive pricing strategies, as seen with previous significant price cuts in China. This approach not only intensifies competition but also responds to Tesla’s recent inventory and delivery challenges. The company’s actions, including reducing the cost of its Full Self-Driving subscription, highlight its efforts to maintain market leadership and address shareholder concerns amid ongoing scrutiny.

Apr 21

India’s Premier Auto Brands: Leading Innovators in the 2024 Vehicle Market

Introduction

India’s car industry represents a dynamic fusion of technological advancements and consumer desires. Ranking as the third largest in the world, India’s automotive sector is home to a comprehensive range of manufacturers that cater to an eclectic mix of preferences and needs. This guide delves into the forefront car manufacturers that are shaping India’s automotive narrative and transforming commuting into an advanced, pleasurable experience.

Overview of India’s Automotive Dynamics

The Indian car market showcases a vibrant assortment of brands, reflecting the evolving tastes and economic dynamics of its consumers.

Brand Sales in January 2024 Annual Growth Rate
Maruti Suzuki 166,802 13.2%
Hyundai 57,115 14%
Tata Motors 53,635 11.8%
Mahindra 43,068 30.4%
Kia 23,769 -17%

Maruti Suzuki: The Industry Beacon

Maruti Suzuki remains at the pinnacle of the Indian automotive market, renowned for its cost-effective, reliable vehicles. Its broad range effectively meets diverse consumer demands, from budget-friendly models to more upscale options.

Value-driven Excellence: The Maruti Suzuki Edge

This brand excels by merging superior vehicle quality with affordability, broadening access to car ownership across India.

Prioritizing Consumers: Enhancing User Experience

Maruti Suzuki amplifies customer satisfaction with its expansive dealership and maintenance networks across the nation.

Hyundai: Synthesis of Elegance and Innovation

As a key player in India, Hyundai is distinguished by its aesthetic vehicle designs and pioneering technological integrations. Its portfolio, including the i20 and Creta, epitomizes the synergy of style and functionality.

Aesthetic Leadership: Hyundai’s Design Philosophy

Hyundai vehicles are noted for their contemporary, stylish exteriors that often dictate market trends.

Forward-Thinking Technology: Hyundai’s Innovations

Hyundai leads with advancements like wireless connectivity and enhanced safety features, shaping the future of automotive technology.

Tata Motors: Sustainable and Safe Innovations

Tata Motors stands out for its dedication to safety and environmental consciousness. Its vehicles, such as the Tiago and Nexon, are designed with an emphasis on eco-friendliness and safety.

Commitment to Safety: Tata’s Assurance

Tata Motors is a leader in incorporating safety, with several models achieving top safety ratings internationally.

Eco-friendly Drive: Tata’s Electric Ventures

Emphasizing sustainability, Tata Motors is progressively introducing electric models, pushing the envelope for environmentally friendly driving solutions.

Mahindra: Durability Meets Adventure

Mahindra is synonymous with robustness and versatility, catering especially to those who relish vehicular adventures. Its lineup, including the Thar and Scorpio, is perfect for off-road enthusiasts.

Built for the Rugged: Mahindra’s Tough Designs

Mahindra vehicles are crafted to conquer difficult terrains, offering reliability and toughness.

Innovative Trailblazers: Mahindra’s Technological Strides

Mahindra is a frontrunner in adopting new technologies, continually innovating to improve mobility and driving experiences.

Kia: Redefining Sophistication and Performance

Kia has quickly established a significant presence with its sophisticated designs and high-performance capabilities. The Seltos and EV6 from Kia offer luxurious features and dynamic performance.

Exquisite Designs: Kia’s Commitment to Style

Kia is acclaimed for its meticulous design details, setting high standards in vehicle aesthetics.

Dynamic Performance: Kia’s Engine Excellence

Kia impresses with potent engines and agile handling, providing exhilarating driving experiences that distinguish it in the marketplace.

Conclusion: Towards a Progressive Automotive Future

India’s automotive future is bright, driven by brands committed to innovation, consumer satisfaction, and sustainable practices. These leading brands are not only revolutionizing personal mobility but also setting global benchmarks in the automotive industry.

FAQs

  1. Which brands deliver exceptional value in India?
    • Noteworthy for their value are Maruti Suzuki, Hyundai, and Tata Motors, offering a mix of affordability and comprehensive features.
  2. What are India’s most sought-after car models?
    • Popular models include the Maruti Suzuki Swift, Hyundai Creta, and Tata Nexon.
  3. How is the electric vehicle trend evolving in India?
    • Electric vehicles are increasingly popular, supported by growing ecological awareness and attractive government incentives.
  4. Which brand is known for its resale value?
    • Brands like Maruti Suzuki and Hyundai are prized for their robust resale value, reflecting their widespread acceptability and dependability.
Feb 18

MG Rises to Top Five in GCC’s Automotive Rankings with Stellar Sales

MG’s Remarkable Climb in GCC’s Automotive Sector

On February 19, 2024, MG Motor marked another milestone in the Middle Eastern car market by securing the 5th position among the region’s best-selling car manufacturers. This accolade was achieved after a record-breaking sales year, with MG selling 63,691 units and capturing a significant 4.2 percent market share.

Continued Growth and Strengthened Market Presence

The year 2023 proved to be another impressive year for MG, with sales surging by 10.8 percent, continuing its streak of double-digit annual growth since its introduction in the Middle East. This growth was particularly notable in Oman and Iraq, where MG secured market shares of 10 percent and 9.9 percent, respectively, highlighting its increasing dominance and consumer trust within the region.

Enhancements in Network and Consumer Services

In response to growing demand, MG is set to further expand its presence by opening 17 new showrooms in 2024, increasing its network from 49 to a total of 73 with the inclusion of new service facilities. This expansion is part of MG’s strategy to enhance customer support and maintain its commitment to exceptional service, strengthening its position as a leader in automotive innovation and customer care.

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Innovative Practices and Strategic Market Expansions

Led by Tom Lee, Managing Director of MG Motor’s Middle Eastern operations, the company has extended its reach into new territories including Morocco and Palestine while enhancing its after-sales services to achieve a remarkable 97 percent parts availability. This focus on comprehensive customer care and technological advancement drives MG’s sustained popularity and growth.

Vision for the Future: Celebrating a Century of Automotive Excellence

Entering its 100th year, MG is poised to reinforce its reputation as a leading automotive brand in the Middle East. The company’s ongoing initiatives to penetrate new markets and continually upgrade its vehicle lineup underscore its commitment to quality, durability, and reliability. These principles are foundational to MG’s past achievements and are pivotal for its future success in the global automotive industry.

Feb 18

SUV Sales Set to Break Records with 2.5 Million Units Forecasted for FY2024

Unprecedented Surge in SUV and UV Market

With FY2024 approaching its conclusion on March 31, the utility vehicle (UV) market, including SUVs and MPVs, is poised to establish unprecedented sales records. Already surpassing the total sales figures of the previous year, these segments illustrate a significant shift in consumer preferences toward more versatile automotive options.

Driving Forces Behind the Surge

This remarkable increase in UV sales is driven by a robust selection of SUVs and MPVs, which have become pivotal to the expansion of the overall passenger vehicle sector. This growth offsets declines seen in other areas like entry-level automobiles and sedans. In just the first ten months of FY2024, the UV market recorded an impressive average monthly sales figure exceeding 206,000 units, achieving a 25% increase compared to the previous year.

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Technological Advancements and Market Response

The dramatic increase in SUV sales is fueled by the continuous introduction of innovative models and enhancements in vehicle production. These models have gained traction due to strategic marketing and an improving economic landscape, projecting continued sector growth of about 25% year-over-year, nearing 2.5 million units by the end of FY2024.

Overview of the Competitive Arena

The SUV sector showcases remarkable diversity with over 110 models and more than 800 variants, underscoring a highly competitive market. Maruti Suzuki, with a dominant 25% market share led by its comprehensive UV offerings, spearheads this dynamic environment. As industry leaders like Maruti Suzuki, Mahindra, and Hyundai persist in evolving and broadening their product lines, they are set to transform consumer expectations and the overall automotive market landscape significantly.

Jan 18

Record-Breaking Electric Vehicle Sales in the U.S. Reach Over 1.1 Million in 2023

Surge in Electric Vehicle Popularity

The U.S. witnessed a historic surge in electric vehicle (EV) sales in 2023, with figures soaring to new heights. According to a report by Argonne National Laboratory, December alone saw 141,055 rechargeable vehicles sold, encompassing 100,928 all-electric models and 40,127 plug-in hybrids. This remarkable volume accounted for 9.8% of total light-duty vehicle sales in the U.S., marking a significant 42% increase from the previous year.

Annual Achievements and Market Growth

Throughout 2023, the U.S. significantly expanded its electric vehicle footprint, selling over 1.4 million plug-in models, which represented 9.1% of all vehicle sales—up from 6.8% the prior year. This growth underscores a strong market trend toward electrification, with electric vehicle sales peaking in September at a 9.9% market share. The increasing preference for EVs indicates a robust shift in consumer behavior, favoring more sustainable and technologically advanced vehicles.

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Long-term Market Trends and Global Context

By the close of 2023, nearly 5 million plug-in vehicles had been sold in the U.S. since December 2010, showcasing a swift adoption curve particularly noticeable over the last year. This trend is still lagging behind Europe and China, where EV market penetration is higher, but the consistent month-over-month growth throughout 2023 suggests a solid foundation for future expansion.

Future Outlook and Industry Impact

Looking forward, projections suggest a potential rise in all-electric vehicle sales to between 1.5 to 2 million units in 2024, driven by increasing consumer demand and expanding EV infrastructure. The predominance of Tesla and other EV-specific startups illustrates a significant shift within the automotive industry, emphasizing innovation and environmental considerations in vehicle manufacturing.

This surge in electric vehicle adoption not only highlights advancements in automotive technology but also reflects a broader societal move towards environmental sustainability and energy efficiency, setting the stage for continued growth in this dynamic sector.

Jan 18

Lamborghini Breaks Global Sales Records Fueled by SUV Popularity

Record-Breaking Sales for Lamborghini

In a historic milestone, Lamborghini surpassed 10,000 vehicle sales globally in 2023, a first in the brand’s 60-year history. This achievement is largely driven by the Lamborghini Urus, which now constitutes 60% of the company’s total sales. The Italian automaker saw a significant increase, selling 10,112 cars last year, which is a 10% rise compared to the previous record of 9,233 vehicles in 2022.

Lamborghini sets global sales record thanks to SUV demand

The Urus Dominates Global Sales

The Lamborghini Urus has emerged as a major success for the brand, with 6,087 units sold worldwide, illustrating its strong market appeal. Even though the V10 Huracan is nearing the end of its production run, it still contributed 3,962 sales. Meanwhile, the V12 Aventador, which ceased production in late 2022, and various special editions accounted for the remaining 63 deliveries.

Future Plans and Innovations

Looking ahead, Lamborghini is preparing for the future with the upcoming Revuelto supercar, a V12 plug-in hybrid that promises to extend the brand’s performance legacy. Despite the excitement around new models, current wait times for the Revuelto exceed 2.5 years, highlighting high demand. Additionally, Lamborghini is pivoting towards sustainability with an emphasis on developing synthetic fuels, as regulations like the European Union’s proposed 2035 ban on petrol-powered vehicles come into play.

Dec 18

SUV sales near double of sedans in S. Korean market

Sport utility vehicle sales in the South Korean market are projected to surpass 900,000 units in 2023 for the first time, marking a significant milestone as SUV sales rapidly approach double that of sedans.

There were 856,362 new SUV registrations, including recreational vehicles, in the first 11 months of 2023, data from the Transport Ministry analyzed by the CarIsYou data lab showed Monday. This exceeds the 837,948 SUV units sold throughout 2022 and represents the highest annual total since 2014.

SUV sales have overtaken sedans in market share since 2019 and the disparity has widened each year — from 7.3 percentage points in 2020 to 16.2 percentage points in 2021 to 23.72 percentage points last year. Annual SUV sales until last month were 1.86 times greater than sedans, compared to 1.69 times in 2022.

Given an average of 77,851 monthly SUV sales this year and typically heightened fourth quarter vehicle purchases, December registration figures should propel the 2023 total over 900,000. Consequently, SUVs are also projected to account for over 60 percent of the passenger vehicle market share for the first time.

Just a decade prior in 2014, SUVs only had a 33 percent share, with total sales of 464,470 units — nearly half the projected figure this year. The rapid rise in popularity began with 30 percent year-over-year SUV sales growth in 2015, fueled by the success of KG Mobility’s compact SUV Tivoli, coupled with a newfound interest in “chabak,” or car camping, made more viable with SUV cabins.

Sales continued climbing over subsequent years, further accelerated by the COVID-19 pandemic that spurred a 13.9 percent SUV sales increase in 2020.

The top 10 domestic models year-to-date reveal seven SUVs, the report showed. The Hyundai Grandeur sedan topped the list and was followed by the Kia Sorento, Kia Carnival and Kia Sportage SUVs.