In July, Rivian Automotive demonstrated an improvement in its monthly new U.S. registration figures compared to the first half of the year. Meanwhile, Lucid Motors, a startup, and Fisker are facing challenges in the growing electric vehicle (EV) market. Rivian secured the 8th position among the 26 EV brands from January to July, capturing 2.8 percent of the U.S. EV market. Lucid Motors ranked 18th, with a 0.6 percent share.
Fisker Automotive, another emerging automaker, recorded 30 new registrations for its Ocean midsize crossover in July, accumulating a total of 37 from January to July. Fisker began delivering Ocean vehicles in the U.S. in June and reported that more than 450 had either been delivered or were in the process of being delivered as of this month.
Overall, EVs claimed a 7.2 percent market share of the nearly 9.1 million new cars and trucks registered from January to July, regardless of their fuel type. This marked a substantial increase from the 4.9 percent share observed a year earlier.
Despite the general growth of the EV sector, newer startups have encountered challenges in gaining ground. Market leader Tesla, holding a commanding 59.5 percent market share, lowered prices during the year, while traditional automakers increased sales incentives to compete with Tesla.
Since most automakers do not report monthly sales data, and Tesla only provides global figures, U.S. new vehicle registration data serves as a reliable proxy. The latest data, from July, offers insights into the current state of the market.
A Jubilant July For Rivian
For the period from January to July, Rivian amassed a total of 18,359 new registrations, excluding the EDV commercial vans it manufactures for Amazon. Of these, the R1T garnered 7,611 new registrations, while the R1S received 10,748.
In July, Rivian Automotive witnessed a modest increase in its new U.S. registrations for the R1T pickup and R1S crossover, with 2,750 new registrations, showing a slight improvement compared to its first-half monthly average of 2,596 registrations. Rivian announced in August that it had resolved most of its supply-chain issues in the second quarter, leading to increased production at its Normal, Ill., factory.
Rivian initially commenced production in September 2021 with the R1T, giving it a head start over the R1S. However, the company is now producing the R1S in higher quantities to meet a significant order backlog.
Questions Remain For Lucid Motors Long Term Viability
In contrast, Lucid Motors, the maker of the Air executive sedan, began production in late 2021. Earlier this year, CEO Peter Rawlinson stated that previous manufacturing issues had been resolved, with the company now focusing on marketing due to softening demand for the Air.
In July, Lucid added 348 new registrations for the Air, bringing the total for the seven-month period to 3,789, according to Experian data. The automaker reduced prices in August, with the base Air Pure model advertised on Lucid’s website at $83,900, including shipping, as of mid-September. Additionally, the company was offering a $749 monthly lease.
Lucid’s production target for the year is “more than 10,000 vehicles.” In the first half of the year, the company reported producing 4,487 Airs and delivering 2,810 units, resulting in a significant inventory.
Lucid faces challenges in competing with Tesla, which regularly reduces prices to stimulate sales and achieve its global growth target of 50 percent per year. In July’s EV rankings, Lucid slipped three places to No. 18, trailing behind Porsche, Subaru, and Cadillac in new registrations for the January to July period.
Can Fisker Automotive Survive The Great EV Purge?
Fisker Automotive, another emerging automaker, recorded 30 new registrations for its Ocean midsize crossover in July, accumulating a total of 37 from January to July, according to Experian. Fisker began delivering Ocean vehicles in the U.S. in June and reported that more than 450 had either been delivered or were in the process of being delivered as of this month.
Fisker ranked last among the 26 EV brands in July’s Experian new registration list due to its recent entry into the U.S. market. The startup has plans to introduce a midsize pickup based on the Ocean and a smaller crossover in the U.S. by mid-2025.