Electric vehicle sales in the second quarter of 2024 were a simulacrum of broader industry trends. In many ways, the sales were an extension of what we saw in Q1: Legacy automakers like General Motors, Ford, and Hyundai witnessed double-digit percentage growth compared to last year, whereas Tesla continued to slip. As Elon Musk’s company pivots to artificial intelligence and robotaxis, its passenger vehicle business seems to have taken a backseat.
We're seeing that people are willing to switch brands,” Drury said. Part of what drives sales are attractive lease deals, cashback offers and many discounts. Several EVs have leases starting under $300 per month, like the Hyundai Ioniq 5 and Ioniq 6, Nissan Ariya, Tesla Model 3, Toyota bZ4x and more. Many of them have 0% APR. “We have about 69% of all EVs from dealerships that are leased, and that makes it very enticing,” Drury said.