The US market for electric cars is currently undergoing significant changes. Tesla, Once the undisputed market leader, GM lost the absolute majority of the market in the second quarter of 2024. While the sales figures for Tesla are falling, other manufacturers, particularly General Motors (GM), are recording significant growth.
Decline for Tesla, Upswing at GM
Tesla delivered 443,956 electric cars worldwide in the second quarter of 2024, mainly models of the type Model 3 and Y models. This represents a decline of 4.7 percent compared to the previous year. Cox Automotive estimates that Tesla's share of the US electric car market has fallen to 49.7 percent, compared to around ten percentage points higher in the previous year.
In contrast, GM set a new record in the same period by selling 21,930 electric vehicles - an increase of 40 percent compared to the previous year. Ford and Hyundai/Kia were also able to increase their market share.
Slower growth in the e-car market
Overall, sales of new electric cars rose by 11.3 percent year-on-year to over 330,000 units. However, this represents a significant decline in market growth, which was still over 40 percent in the previous year. At 8% in the second quarter of 2024, the share of electric cars in the overall market for new cars in the USA is slightly above the previous year's figure of 7.2%, but below the figure for 2024 as a whole (9.5%).
Challenges posed by ransomware attacks
A severe ransomware attack on CDK Global, whose software is used by over 15,000 US car dealers, has had a significant impact on the car trade. The attack led to a 7.6 percent drop in new car sales in June compared to May. Also Tesla was affected in some US states as vehicles sold could not be registered electronically with the DMV.
More vehicle types, but inadequate charging infrastructure
The number of battery-powered road vehicle types available in the USA rose to 66 in the first quarter of 2024, compared to 55 in the previous year. Despite this increase, there is a lack of public charging stations. To supply the expected 33 million electric and plug-in hybrid vehicles by 2030, an additional charging point would have to be connected to the grid every three minutes.
Conclusion
Tesla remains the market leader, but has lost considerable market share, while competitors such as GM, Ford and Hyundai/Kia have made gains. The US electric car market is growing more slowly, and the challenges of charging infrastructure and the impact of ransomware attacks remain significant obstacles.
