Ford solidified its spot as the 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 drop in market share following a change in the federal tax incentive.
Ford EV registrations totaled 44,219 through October for a 116 percent increase compared with the same period last year, Experian reported this week. That was 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 was No. 3 in new registrations behind the Tesla Model Y and Model 3, according to Experian. Tesla’s Model X and Model S were No. 4 and No. 5, respectively.
For the U.S. light-vehicle industry as a whole, EV share rose to 5.3 percent in the 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 was in third place with a 4.3 percent share through October on 25,911 new registrations. Hyundai was No. 4 with a 3.8 percent share on 23,210 new registrations. Corporate sibling Genesis had 0.2 percent share.
The Hyundai Motor Group’s combined EV share of 8.3 percent was down from 8.8 percent in the January-September period. Hyundai group vehicles lost access to the $7,500 federal tax rebate when President Joe Biden signed the Inflation Reduction Act in August, which excluded vehicles made outside of North America.
Hyundai earlier reported that sales of its top 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 sales of its EV6 crossover fell to 1,186 in October from 1,716 in July. The Korean automakers reported further sales declines for the EV models in November.
