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In June, Kia EV9 buyers secured discounts up to $18,000, propelling electric vehicle sales to unprecedented levels as the market continues its rapid shift.
June Registrations Rise 3.1% Year-Over-Year
Sales of electric vehicles are rising. Car companies are throwing huge sales events to promote their newest models. Some are giving reductions in the five-figure area; for example, in June, you may save more than $18,000 on a Kia EV9.
June EV registrations hit 108,026, an increase of 3.1% year-over-year, according to the most recent data from S&P Mobility Global as reported by Automotive News.
June EV Registrations Climb Despite Market Decline
According to S&P analyst Kent Chiu, June's figures were "good for EVs" since EV sales kept surpassing market sales generally. Sales of light vehicles dropped 8.8 percent to almost 1.2 million units as consumers shifted their focus to electric vehicles. The change caused the market share of electric vehicles to surge from 7.9% in June 2023 to 8.9% in June 2024.
In June, electric vehicle registrations increased by triple digits for a number of companies, including Suzuki(+105.9%), Cadillac(+403.9%), and Toyota (137.6%).
Per Electrek, the research highlighted that the market was boosted by the introduction of new models, such as the Tesla Cybertruck, which had 4,675 registrations. Kia EV9 (1,736), Chevrolet Blazer (3,054 units), and Equinox EVs (3,054 units) were among the other new cars that helped drive the growth.
However, "pretty strong incentives" were the driving force behind the expansion, as Chiu elucidated. Motor Intelligence reports that in June, incentives for the Toyota bZ4X averaged $11,761. On average, Ariya from Nissan made $14,779.
Kia EV9 Shakes Up Market with $18,000 Discount
With an average savings of $18,081 in June, the electric three-row SUV from Kia, the EV9, was among the top.
"More EVs come to market and occupy segments that match internal-combustion vehicles, there will be more consumers that switch over to the EV space," Chiu said.
With the release of new models like the Kia EV9, the change is already noticeable. Nearly 11,500 EV9 cars were delivered in the US by Kia up until July.
Kia EV9 Drives Shift Toward Electric Vehicles
Kia is claiming that the $56,395 base price of the EV9 is a "wake-up call" for the industry. The EV9 is quickly overtaking gas-powered competitors because to its generous financial incentives.
