Catalyst with Shayle Kann

What’s really happening in the U.S. EV market?

Feb 1, 2024

The podcast explores the conflicting narratives surrounding the US electric vehicle market, highlighting the robust growth in EV sales. It discusses the challenges faced by legacy automakers and the importance of affordable price points for wider EV adoption. The episode also delves into Tesla's falling market share and the Hertz sell-off, as well as the emergence of Korean automakers Hyundai and Kia in the EV market. The potential entry of Chinese EV giant BYD into the US market is also discussed, along with the impact of limited charging availability on EV demand growth.

36:15

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Quick takeaways

The US EV market continues to grow despite mixed signals, with overall EV market share increasing and accelerating through Q3 of 2023, reaching about 1.45 million units and a projected 32% increase in 2024.

Major US automakers like Ford, GM, and Stellantis are facing challenges in the EV market, with moderate growth, complications with battery platform transitions and model delays, and a need to catch up to Tesla's dominance, while Hyundai and Kia have shown impressive growth with their battery expertise, affordable EV options, and a successful strategy of offering a range of EV models.

Deep dives

Mixed Signals in the US Electric Vehicle Market

Despite mixed signals in the news, the US electric vehicle (EV) market continues to grow. While some automakers have announced plans to scale back EV production, overall EV market share has increased and accelerated through Q3 of 2023. EV sales in the US were up almost 50% year-on-year in 2023, reaching about 1.45 million units. However, the growth expectation for 2024 is more modest, with a projected 32% increase. The affordability of EVs, especially those priced below $35,000, remains a key factor in unlocking a larger portion of the market.

Impacts of Automaker Decisions on EV Sales Expectations

01:36

Analysis of Hertz's Decision to Sell Part of Their EV Fleet

01:53

Slow Growth of EV Sales for Ford and GM in Recent Years

01:27

Introduction

3min

Understanding the Growth of Electric Vehicle Sales in the US Market

10min

The Current State of the U.S. EV Market and Tesla's Challenges

5min

Electric Vehicle Demand Factors and Hertz's Fleet Sell-Off

4min

Hyundai, Kia, and BYD: Emerging Players in the US EV Market

9min

The Impact of Limited Charging Availability on EV Demand Growth

3min

A recent slew negative headlines about U.S. EVs makes it feel like the sky is falling on the market. Yet the data show robust growth. Combined battery electric and plug-in hybrid sales in 2023 were up 50% from 2022. Meanwhile, EV market share reached 9.5% in 2023, up from 7.5% in 2022, according to BloombergNEF.

Still, there have been real signs of changing expectations. GM and Ford have downsized their EV ambitions. Hertz sold off 20,000 Teslas. And Elon Musk tried to temper expectations in last week’s disappointing Tesla earnings call.

So why all the conflicting indicators?

In this episode, Shayle talks to BloombergNEF analyst Corey Cantor. They talk about the changing outlook on the speed of EV adoption as the focus shifts from early adopters to the mass market. They talk through the persistent challenges EVs face, like slow charger rollout and lack of affordable price points. They also cover topics like:

Whether sales challenges are more of an overall market problem or a legacy automaker problem
Tesla’s dominant but falling share of the market and what was behind the Hertz sell-off
Momentum behind insurgent Korean automakers Kia and Hyundai
Whether the Chinese EV giant BYD will enter the U.S. market

Recommended Resources:

Inside EVs: Hyundai's Electric Vehicle Push Is Absolutely Working

Bloomberg: EV-Charging Firms to Struggle With Finances, Investment in 2024

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Catalyst with Shayle Kann

What’s really happening in the U.S. EV market?

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Mixed Signals in the US Electric Vehicle Market

Challenges for Ford, GM, and Stellantis in the EV Market

Success of Hyundai and Kia in the US EV Market

The Rise of Chinese Auto OEMs and Their Potential Entry into the US Market

Impacts of Automaker Decisions on EV Sales Expectations

Analysis of Hertz's Decision to Sell Part of Their EV Fleet

Slow Growth of EV Sales for Ford and GM in Recent Years

Remember Everything You Learn from Podcasts