Tesla's Market Share Slips as Non-Tesla EVs Surge in April 2024
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Tesla’s Market Share Slips as Non-Tesla EVs Surge in April 2024

Tesla Cybertruck at Electrify Expo Phoenix
  • In April 2024, Tesla’s U.S. market share fell sharply to 46% from over 63% a year earlier.
  • Non-Tesla electric vehicles surged, capturing 53.7% of new registrations.
  • The Ford Mustang Mach-E saw a 287% growth in registrations, driven by incentives, highlighting a shift in consumer preference towards non-Tesla EVs

April showers bring May flowers, but in the world of electric vehicles, April 2024 ushered in a wave of significant change. It was a month where the tides shifted, and the once-unstoppable Tesla saw its dominance challenged like never before.


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You’re cruising down the freeway, wind in your hair, in your new electric car. Look around, and there’s more than just Teslas driving silently beside you. More drivers are embracing this reality as EVs continue to gain popularity.

S&P Global Mobility’s latest data, reported by Automotive News, shows a significant milestone: 102,317 new electric vehicles were added to the roads in April, a 14% increase from the previous year, thanks to tax breaks and massive incentives from some automakers.

Tesla, the giant that defined electric luxury led by Elon Musk, saw its market share dip to 46% from over 63% just a year ago. Meanwhile, non-Tesla EVs surged ahead, claiming 53.7% of new registrations, a 69% year-over-year leap that caught everyone by surprise.

“My takeaway is that the EV market is still there and several brands had a really good April, but the overall number is being masked by a weak performance for Tesla,” said Tom Libby, Associate Director of Industry Analysis at S&P Global Mobility. “A couple of years ago, we were all talking about how Tesla was the only EV brand doing well and everybody else was struggling. And now it’s the reverse.”


Top 10 Electric Vehicle Models: April 2024 vs April 2023 New Registrations

RankEV ModelApril ’23April ’24Change
1Tesla Model Y34,54232,922-4.7%
2Tesla Model 319,8448,912-55.1%
3Ford Mustang Mach-E1,3845,358+287.1%
4Toyota bZ4X6254,666+646.6%
5Hyundai Ioniq 52,1174,078+92.6%
6Rivian R1S1,2592,855+126.8%
7Ford F-150 Lightning1,2822,509+95.7%
8Tesla Cybertruck02,181N.A.
9Kia EV61,1242,178+93.8%
10Tesla Model X1,8832,094+11.2%
Total64,06067,753+5.8%
Source: S&P Global Mobility

Electrify Expo Orlando Hankook EV Demo District Ford Mustang Mach-e side
Ford Mustang Mach-E test drive at Electrify Expo.

What’s driving this change? It’s more than the stats. Inventory levels are increasing, giving the consumer more options and availability. If you’re considering a new EV, comparing a Tesla Model Y with a Ford Mustang Mach-E shows how the Mustang, once an icon of American muscle, now accelerates with electric power, posted a staggering 287% growth in April 2024 alone.

Toyota bZ4X at Electrify Expo.

Deals and incentives played cupid, wooing consumers with attractive offers on models like the Toyota bZ4X, which saw a jaw-dropping 647% rise in registrations.


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But let’s not overlook Tesla’s struggle. The Model 3, once the golden child, saw a 55% decline in registrations. It’s a clear reminder that even big players falter under pressure. Elon Musk’s Cybertruck, with its futuristic appeal, entered the competition with 2,178 units, approaching the sales of the Ford F-150 Lightning, a clash of innovation and tradition.


Top 10 Electric Vehicle Brands by Registrations (Year through April):

RankEV BrandEV RegistrationsShare of EV Total
1Tesla183,27846.3%
2Ford29,8168.1%
3Hyundai20,0095.5%
4Kia16,5794.5%
5BMW15,7914.3%
6Rivian15,0454.1%
7Mercedes-Benz12,7863.5%
8Chevrolet12,0263.3%
9Volkswagen8,4572.3%
10Cadillac7,8192.1%
Source: S&P Global Mobility

Beyond the numbers, you can feel the shift. If you’re at a neighborhood barbecue, discussing EVs with friends, the convo isn’t just about Tesla anymore. It’s about Rivian’s rugged charm of their R1S or R1T, Hyundai’s futuristic Ioniq 5, and Kia’s refreshed EV6. Each electric car tells a story that resonates with today’s savvy consumers.

Looking ahead, the road forks again. Tesla’s dominance may have waned, but with new models and revised incentives on the horizon, the pendulum could swing back. Or will it? The rise of non-Tesla EVs isn’t just a blip. It indicates a market that has matured, offering lots of choices.

The future isn’t reserved for Tesla alone. It’s open to all innovators who electrify and drive change.

Note: I encourage you to test drive your favorite EV at Electrify Expo, the largest EV festival in North America.


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IMAGES: ELECTRIFY EXPO

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AUTHOR: 

RANDI BENTIA

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