EV Registrations Sit around 7 Percent in March

Matthew Guy
by Matthew Guy

Stats nerds at S&P Global Mobility have detailed some registration data for electric vehicles in this country through the first three months of this year – and the market share continues to sit at around 7 percent.

With that statistic in mind, we could have gone the clickbait route and used a headline shouting that “93 Percent of Americans Chose Not to Buy an EV” which would have been technically true but also rather bombastic and would have been an insult to our informed readers. It would be like saying “85 Percent of American Car Buyers Shunned General Motors” in the first quarter of this year – also true in terms of market share but is an intentional twisting of the numbers.


In March, it is said the EV share of our light-vehicle market rose to 7.1 percent from 6.8 percent the month prior. For the entire quarter, reports say registrations of EVs grew about five percent to 264,268 meaning its market share was all but flat at 6.9 percent. In contrast, the entire 2023 calendar year saw the share grow by half compared to the 2022 annum, explaining all those headlines screaming that EV sales have stagnated and prompting the likes of GM to reconsider its stance on plug-in hybrids.


Examiners like the S&P are increasingly using registrations as a yardstick with which to measure EV growth since companies like Tesla don’t accurately report sales numbers while numerous other brands don’t break out EV versus hybrid sales for certain models which may have the same name.


Other nuggets in the report include Tesla’s rough road, with registrations of that brand falling 12 percent year-over-year in March, a performance which helped it shed market share to 52.4 percent compared to over 60 percent one year prior. February marked its first monthly decline in registrations since August 2020, apparently. Meanwhile, Ford saw its registrations triple in March as Hyundai saw a doubling.


Of course, statistics can be a funny thing. If I have one terrible hooptie in my backyard and buy two more at auction, I have tripled my fleet. Someone else might have had eight of the things and suffered a 50 percent loss thanks to a devastating carburetor fire after a moment’s inattention. That guy still has more cars than me, though.


What do you think? Will the EV market stagnate at 7 percent for a while? Or is this merely like ‘the stall’ when smoking a brisket?


[Image: Ford]


Become a TTAC insider. Get the latest news, features, TTAC takes, and everything else that gets to the truth about cars first by  subscribing to our newsletter.

Matthew Guy
Matthew Guy

Matthew buys, sells, fixes, & races cars. As a human index of auto & auction knowledge, he is fond of making money and offering loud opinions.

More by Matthew Guy

Comments
Join the conversation
14 of 121 comments
  • Ronin Ronin on May 27, 2024

    What is the magical white swan event in the foreseeable future that will suddenly reverse the trend?


    Success tends to follow success, and likewise failure. The perception, other than among true believers, is that e-cars are a lost cause. Neither government fiat, nor government bribery, nor even the promise of superior virtue among one's peers have been enough to push past the early adapter curve. Either the bust-out is right now for e-cars, or it doesn't happen. Marketing 101.


    Even subtle language-manipulation, such as deeming those possessing common sense as suffering from some sort of vague anxiety (eg, "range anxiety") has not been enough to induce people to care.


    Twenty years from now funny AI-generated comedians will make fun of the '20s, and their obsession with theose silly half-forgotten EVs. They will point out that, yes, EVs actually ran on electricity generated by such organic fuels as coal and natural gas after all, and then they will perform synthesized laughter at us.




    • See 5 previous
    • Ronin Ronin on May 28, 2024

      "Claiming "Marketing 101" doesn't validate your opinion as a factual point of discussion, rather it's passive aggressive word play to placate your opinions"

      Well, they are not just my opinions if the hard numbers show businesses are losing lots of money because consumers are shunning e-cars, like it or not. I don't think facts are passive-aggressive.

      Marketing 101 looks at consumer adoption patterns of products, the rate of increase in demand, the peaking of demand, and whether early adoption takes the market as a whole, or is merely a flash in the pan. Lots of case histories if you'd care to investigate. Not to say this is absolute, but when numbers as low as 5 or 6 or 7% fail to increase market share, they tend to fall off once they've peaked.

      And consumers are not dumb, and they will pursue their own self-interest. Why would they rush to buy a product they see heavily discounted because of lack of demand, only to be stuck with a product with bottom feeder residual value, and all the other environmental impacts of a product that is too-heavy, too demanding on rare materials, too expensive to maintain, still ultimately derives its power source from organic fuels, especially with the bloom off of trying to impress one's peers with one's virtue and purity?

      E-cars will do very well to maintain the market share they currently enjoy.

  • Redapple2 Redapple2 on May 28, 2024

    Dent those gigacastings > scrap the car?

    • See 5 previous
    • 28-Cars-Later 28-Cars-Later on May 29, 2024

      @2ACL

      I'd say you did well since the absurdly inflated valuations since mid 2020 have led to some examples being rebuilt which would not have in the past (and probably should not have been). Even in a not a fault accident, if they rebuild your ride you'll get a blemished title which automatically hurts your resale despite your note not changing a bit. So from the insured's/owner's standpoint, rebuilding anything but minor damage is not worth doing if only for the title blemish and before Clown World everything severe was written off unless it was very new (or after a certain age they wrote off everything because screw it).

      @Jalop

      There's always been an element of this but yet they were at least until later 2023 rebuilding write offs. Because big insurers have excellent in house counsel and if need be access to the same firms who work for you in suing them, so long term liability apparently doesn't keep them up at night. Maybe if need be counsel would involve the magic word of "pandemic" or perhaps "national emergency" in their client's defense on the one offs where their subcontractor repair shops messed up and fail to properly repair or something they did repairing it led to a fatality (assuming that could be proven of course).

  • Lynchenstein @EBFlex - All ICEs are zero-emission until you start them up. Except my mom's old 95 Accord, that used to emit oil onto the ground quite a lot.
  • Charles The UAW makes me the opposite of patriotic
  • El scotto Wranglers are like good work boots, you can't make them any better. Rugged four wheel drive vehicles which ironically make great urban vehicles. Wagoneers were like handbags desired by affluent women. They've gone out of vogue. I can a Belgian company selling Jeep and Ram Trucks to a Chinese company.
  • El scotto So now would be a good time to buy an EV as a commuter car?
  • ToolGuy $1 billion / 333.3 million = $3 per U.S. person ¶ And what do I get for my 3 bucks -- cleaner air and lower fuel prices? I might be ok with this 🙂🙂
Next