Ford cemented its position as the second-largest EV brand after Tesla in the first 10 months of the year, according to Experian’s new car registration data, but the South Korean brand fell short following changes to federal tax incentives. It suffered a decline in market share.
Ford’s EV registrations totaled 44,219 through October, up 116% from the same period last year, Experian reported this week. This did him a favor of 7.3% market share, up 0.1% from last month.
Among the top 10 EV models, the Mustang Mach-E crossover ranks third in new registrations, behind the Tesla Model Y and Model 3, according to Experian. Tesla’s Model X and Model S came in fourth and fifth respectively.
Across the U.S. light vehicle industry, EVs’ share rose to 5.3% in new car registration data from January to October, with 604,638 of approximately 11.5 million registered. For the same period last year, EV share was 2.9% for him.
As a brand, Kia was third with a 4.3% share with 25,911 new registrations through October. Hyundai was fourth with 23,210 new registrations, with him having a 3.8% share. He had a 0.2% share in his corporate brother, Genesis.
Hyundai Motor Group’s overall EV share was 8.3%, down from 8.8% in the January-September period. Hyundai Group vehicles lost access to a $7,500 federal tax refund in August when President Joe Biden signed the Inflation Reduction Act to exclude vehicles manufactured outside of North America.
Hyundai previously reported that sales of its top EV, the Ioniq 5 crossover, fell from 1,978 in July, when it was still tax deductible, to 1,579 in October. Kia Motors reported that sales of its EV6 crossover fell from 1,716 in July to 1,186 in October. The South Korean automaker reported a further decline in sales of its EV models in November.