Drastic price cuts boost EV registrations in April as Toyota, Ford, Rivian lead growth

Ford, Rivian, and Toyota led the growth in April as US EV registrations perked up. The growth comes after drastic price cuts and other incentives led to over $10,000 in savings on some models.

Despite talk of cooldown, electric vehicle sales are still growing. Leading EV brands, except Tesla, saw significant growth in April 2024 registrations compared to the previous year.

According to new S&P Global Mobility vehicle data (via Automotive News), EV registrations were up 14% in April. With 102,317 electric cars registered in April, EVs accounted for 7.4% of total light-vehicle registrations.

EVs outpaced the overall light-vehicle market, which had a 7.3% gain. The report notes that the growth was driven by “bonus cash, subsidized financing and lease deals,” as many EV prices reach price parity with their comparable ICE models.

“Automakers are bringing EV prices down to the ICE level and it’s moving the merchandise,” according to Tom Libby, associate director of industry analysis at S&P Global Mobility.

Significant deals charge up April EV registrations

Several electric models had double-digit registration growth in April compared to the year before. Leading the way was Toyota’s bZ4X, with 4,666 registrations, up 646% YOY.

However, to be fair, Toyota only sold 625 bZ4X models last April after a slow ramp-up following a recall in 2022 that halted production.

Ford’s Mustang Mach-E had the second-highest growth at 287%. In April, 5,538 Mach-Es were handed over, up from 1,384 last year. The growth comes after Ford slashed prices and introduced new lease incentives earlier this year.

The Ford F-150 Lightning, America’s best-selling electric pickup, had 96% more registrations (2,509 vs 1,282) in April than the year before. Ford also introduced significant incentives on the EV pickup.

Rivian’s R1S also saw triple-digit year-over-year growth in registrations. The R1S had 2,855 registrations, up 127% from the 1,259 in April 2023.

Kia’s EV6 had 94% more registrations, with 2,178, compared to 1,124 in April 2023. Meanwhile, the Hyundai IONIQ 5 continued its hot streak with 4,078 registrations, up 93% YOY.

Tesla was the only automaker in the top ten, with EV registrations slipping in April. The Model Y had 32,922 registrations, down 4.7% from 35,542. Tesla’s Model 3 registrations were down 55% YOY with 8,912.

Although many reports suggest Tesla is dragging down the sector, several events, like the new Model 3 launch, contributed to fewer registrations.

The momentum is expected to continue, with several automakers introducing even more discounts and savings opportunities this month.

Ford slashed Mustang Mach-E lease prices in June with an up to 400% discount. Hyundai is offering a $7,500 cash bonus on all EV models, including the IONIQ 5, IONIQ 6, and new Kona Electric.

Several new EVs are already hitting the market with significant discounts. Chevy Equinox EV lease prices fell to as low as $379 per month, while the Blazer EV is listed as low as $369 per month.

If you’re looking for a new EV, now is the perfect time to start shopping. We can help you get started today. You can use our links below to find deals on popular EV models in your area.