The US electric vehicle (EV) market saw a significant boost in July, with registrations rising 18% compared to the same month last year. This surge was largely attributed to the success of the Tesla Inc. Cybertruck, which contributed to a 1.2% increase in overall Tesla registrations.
According to S&P Global Mobility data, Tesla delivered 5,175 Cybertrucks in July, making it a major player in the burgeoning electric pickup segment. While Ford’s F-150 Lightning and Rivian’s R1T are also popular contenders, only 5,546 electric pickup units from other brands were sold during the period.
While Tesla continues to dominate EV sales, it’s not just the Cybertruck driving the market forward. Non-Tesla EV registrations also jumped 38% year-over-year, demonstrating growing consumer interest in alternative vehicles. In total, 118,273 EVs were registered in July, a significant increase from the 100,620 registered in July 2022.
However, experts caution that these sales figures are heavily influenced by government incentives. Tom Libby of S&P Global Mobility noted that without these incentives, sales would likely plummet as EV prices are currently higher than their gasoline-powered counterparts.
The impact of these incentives is evident in the performance of EV startup Rivian Automotive, which saw a 0.3% decline in registrations in July. Their R1S SUV, facing competition from established manufacturers like Kia, experienced an 18% drop in registrations.
The success of the Tesla Cybertruck and the overall growth in the US EV market underscore the ongoing shift towards electric vehicles. However, the reliance on incentives raises questions about the long-term sustainability of this trend and the need for increased affordability for broader adoption.
