Rivian (RIVN) and Hyundai see US EV registration growth in January, outpacing rivals

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EV registrations were up 15% in the US in January. Although Ford and GM’s EV registrations slipped, Rivian (RIVN) and Hyundai saw some of the biggest growth.

Tesla still leads the pack

Electric vehicles accounted for 7.8% of new US light-vehicle registrations in January, up from 7.1% in Jan 2022. That’s also up from 7.7% in 2023.

According to S&P Global Mobility registration data (via Automotive News), the growth was uneven across the competition.

The data is significant as not all automakers release monthly sales numbers. Tesla’s registrations were up 15%, in line with the average, at 48,757. Model 3 registrations were down 23% after losing the $7,500 EV tax credit. Tesla also launched an updated model.

Tesla’s best-selling Model Y had 11,739 registrations in January, up 35% YOY. The Model X (+32%) and Model S (+68%) both had YOY growth. After launching in November, the long-awaited Tesla Cybertruck had 72 registrations.

Rivian and Hyundai were among the leaders in EV registration growth. Rivian’s R1S led the growth while Hyundai’s IONIQ 5 picked up the pace.

Hyundai-IONIQ-5-offer
2024 Hyundai IONIQ 5 (Source: Hyundai)

Hyundai, Rivian see EV registration growth in January

Meanwhile, Ford and Chevy had fewer registrations than the year before. Mustang Mach-E registrations fell 38% (1,977), while the F-150 Lightning gained 4.5% YOY( 2,956). The F-150 Lightning topped Rivian’s R1T for the best-selling electric pickup title.

Rivian-Hyundai-EV-registrations
Rivian R1T (Source: Rivian)

GM’s Chevy was third with EV 4,353 registrations. After ending production of its best-selling Bolt earlier this year, registrations fell 45% to 4,119. The new Chevy Blazer EV (which is just coming off a stop-sale) and Silverado EV had 234 registrations combined.

Hyundai had a big month with 4,144 EV registrations in Jan, up 79% YOY. The IONIQ 5 had 2,436 registrations (+47% YOY), while the IONIQ 6 had 1,063.

Place Automaker EV registrations in January 2024
1 Tesla 48,757
2 Ford 5,429
3 Chevrolet 4,353
4 Hyundai 4,144
5 Rivian 3,818
6 Kia 3,717
7 BMW 3,564
8 Mercedes-Benz 3,341
9 Cadillac 2,145
10 Volkswagen 1,836
EV registrations by automaker January 2024 (Source: S&P Global Mobility/ Automotive News)

With Kia and Genesis included, Hyundai Motor topped Ford and Chevy with 8,262 registrations in January.

EV startup Rivian trended higher, placing fifth, with 3,818 registrations. Despite R1T numbers slipping 44%, the R1S picked up the slack, with registrations quadrupling.

Kia was sixth after EV registrations more than doubled YOY. Its new three-row EV9 is off to a strong start with 1,361 registrations. The EV6 had 1,338, while the Niro EV had 1,018.

Kia-EV9
Kia EV9 (Source: Kia)

Other automakers, including BMW, Mercedes-Benz, and Cadillac, saw EV registration growth in January. Meanwhile, registrations of Volkswagen sole ID.4 fell 47%.

With many automakers fighting for the same segment in mid-size electric SUVs, several have introduced significant deals to undercut the competition. For example, Hyundai is offering 0% APR on the 2024 IONIQ 5. The offer could amount to up to $7,800 in savings compared to a same-priced Tesla.

Volkswagen-ID.4-lease-deal
2023 Volkswagen ID.4 AWD Pro S (Source: Volkswagen US Media Site)

Volkswagen announced a $13,000 lease deal on the 2023 ID.4 AWD Pro S Plus as it makes room for new models.

Despite strong early demand, Kia is already offering a $5,000 customer cash offer on its first three-row electric SUV, the EV9.

With new models like the Volvo EX30, Fiat 500e, Honda Prologue, Chevy Equinox EV, and others rolling out this year, it will be interesting to see how the rankings turn out over the next few months.

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