The sales figures for Q1 2025 for EVs showcase a growth in U.S. EV sales for several manufacturers and paint a strong picture for the domestic EV sector.
What happened: Cox Automotive has published a report outlining how the EV sector is performing in the US. The report showcases how EV sales in the US have grown by over 10% year-on-year, with over 294,250 EVs sold in Q1 2025.
The report also says that roughly 7.5% of new vehicles sold in the US in Q1 2025 were EVs, a 7% year-on-year increase.
Despite experiencing an 8.6% decline in sales when compared to the same time last year, Tesla Inc. TSLA still dominates the segment, boasting a 43.5% share in sales.
Elon Musk‘s company was followed by General Motors Co GM with an 8.9% sales share, including Chevrolet, Cadillac, and GMC. Ford Motor Co. F recorded a 7.7% sales share according to the report.
As far as individual models go, Tesla dominated the sales figures, selling over 64,051 units of the Model Y and 52,520 units of the Model 3.
Tesla was followed by the Ford Mustang Mach-E with 11,607 units sold and Chevrolet's Equinox EV with 10,329 units. Honda Motor Co Ltd. HMC sold 9,561 units of the Prologue. The Honda Prologue is based on the same platform as Chevrolet's Equinox EV.
Why it matters: The report illustrates that despite Tesla suffering a decline, other companies like GM, Ford, etc. are adding to the domestic EV sales.
The report highlights increased adoption of EVs among drivers in the U.S. and the growth of legacy brands in the segment when compared with the new-age brands like Tesla.
Price action: GM is currently trading at $43.78, experiencing a 14.8% YTD decline, according to Benzinga Pro data.
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