U.S. share of electric and hybrid vehicle sales increased in Q2, U.S. EIA says

U.S. Energy Information Administration or EIA said in part: “The share of electric and hybrid vehicle sales in the United States increased in 2Q24 after a slight decline in 1Q24. Combined U.S. sales of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles or BEVs increased from 17.8% of total new light-duty vehicle or LDV, sales in 1Q24 to 18.7% in 2Q24, according to estimates from Wards Intelligence. This slight increase in the electric and hybrid vehicle market share was driven primarily by hybrid electric vehicle HEV sales, which increased by 30.7% year over year. Hybrid sales accounted for 8.6% of the total light-duty market in 1Q24 and increased to 9.6% in 2Q24. Plug-in hybrid electric vehicle sales increased slightly from 1.7% to 2.0% of the total light-duty market year over year. Following slower growth in 1Q24 compared with the previous year …The average transaction price of BEVs in the United States, not including any government incentives, decreased from $57,405 in January 2024 to $56,371 in June 2024, according to data from Cox Automotive. BEV transaction prices were 21.1% higher than the overall average light-duty vehicle transaction price in January 2024 and 15.9% higher in June 2024. Although Tesla (TSLA) is still the leading manufacturer in the electric vehicle market, it no longer holds the majority share of electric vehicle sales. Tesla’s market share accounted for 48.9% of the total electric vehicle market in 2Q24, decreasing to less than 50% of the light-duty vehicles sold for the first time since 4Q17. The sales have shifted to legacy manufacturers such as Ford (F), Chevrolet, Hyundai, and Kia. Ford accounted for 8.0% of sales in the electric vehicle market in 2Q24, the second-largest share, driven by the sales of the Mustang Mach-E and F-150 Lightning. Chevrolet’s sales shifted to its newly introduced electric Blazer, Silverado, and Equinox models following the manufacturer’s decision to stop producing the Bolt, a decision that decreased overall sales in 1Q24.”…Publicly traded companies in the space include Ford , General Motors (GM), Honda (HMC), Mercedes-Benz (MBGYY), Nissan (NSANY), Stellantis (STLA),, Toyota (TM) and Volkswagen (VWAGY).