EV Registration Grows 15% Amid Market Slowdown Fears

EV registration recorded a 15% increase in the US for the month of January despite mounting fears that the market is slowing down.

According to an S&P Global Mobility report via Automotive News, Rivian and Hyundai marked the biggest registration growth in the start of 2024, beating industry giants like Ford and Chevrolet.

Tesla remains at the top with a 15% rise. The S&P Global report accounts for the 1.1 million new light-vehicle registrations made in January.

It is worth noting, however, that the registration record is largely lower than the 52% registration growth EV automakers received in 2023 when the market started booming.

Rivian, Hyundai Speeds Up Move Towards EV Industry

The report was published following Rivian and Hyundai's move to build more electric cars in the US.

Rivian has been reported several times for ramping up its production process to compete with industry giants.

Hyundai, on the other hand, earlier announced to build more EV factories, including plans to start plants in Canada to meet the demand in North America.

It is expected that both automakers will have bigger growth in the next report with their EV deployment increase throughout February.

Also Read : Honda is Considering to Set Up EV Production in North America

EV Sales in the US Starting to Plateau

While the EV registration report indicates a growing acceptance of electric cars, the January data does not reflect the actual EV market in the country.

Reuters earlier reported that signs of a global slowdown in the EV market are becoming more prevalent as the gap between supply and demand widens.

The report even clarified that the distribution of EV registrations is uneven throughout the US as sales and registrations are concentrated in selected states.

In the Reuters report, both Tesla and General Motors reported a sharp decline in their EV sales in comparison to the same period last year, citing near-term struggles amid "consumer anxiety."

The US government has also been easing its push towards the EV transition as manufacturers and dealers bemoan increasing costs to accomplish the task within the next six years.