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Ford solidified its spot as No. 2 EV brand behind Tesla in the first 10 months of the year, according to new vehicle registration data from Experian, while Korean brands suffered a decline in market share following a change in federal tax incentives.
Ford EV registrations reached 44,219 through October for a 116 percent increase compared to the same period last year, Experian reported this week. That’s good for a 7.3 percent market share, up 0.1 percent from last month.
Among the top 10 EV models, the Mustang Mach-E crossover is No. 3 in new registrations behind the Tesla Model Y and Model 3, according to Experian. Tesla’s Model X and Model S are No. 4 and No. 5, respectively.
For the US light vehicle industry as a whole, the EV share increased to 5.3 percent in January-October new vehicle registration data, with 604,638 vehicles out of nearly 11.5 million total. For the same period last year, EVs had a 2.9 percent share.
As a brand, Kia is in third place with a 4.3 percent share through October on 25,911 new registrations. Hyundai is No. 4 with a 3.8 percent share of 23,210 new registrations. Corporate sibling Genesis has a 0.2 percent share.
Hyundai Motor Group’s combined EV share of 8.3 percent was down from 8.8 percent in January-September. Hyundai group vehicles lost access to a $7,500 federal tax rebate when President Joe Biden signed the Inflation Reduction Act in August, which excludes vehicles made outside North America.
Hyundai earlier reported that sales of its flagship EV, the Ioniq 5 crossover, fell to 1,579 in October from 1,978 in July when it still qualified for the tax credit. Kia reported that sales of its EV6 crossover fell to 1,186 in October from 1,716 in July. Korean automakers reported further sales declines for EV models in November.
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