In April 2025, U.S. light vehicle sales grew strongly, while the new energy vehicle (NEV) market showed significant divergence amid multiple trends.

◎ Hybrid electric vehicle (HEV) sales soared nearly 60%, with Toyota continuing to dominate the market;
◎ The growth rate of NEVs slowed, while the pure electric market experienced a structural shift characterized by "top players rising and mid-tier players collapsing."

Against the backdrop of uncertain tariff and subsidy policies, General Motors (GM) has risen by leveraging this trend, with Cadillac attracting Tesla owners to switch camps. The U.S. NEV market is entering a new phase of strategic restructuring.

● In April 2025, U.S. HEV sales reached 189,219 units, a robust year-on-year increase of 59.2%. This growth is not driven by short-term promotions or low base effects but reflects a structural shift in consumer preferences.

Compared to the charging anxieties and price thresholds of electric vehicles, hybrid technology is rapidly capturing the mainstream market with a more pragmatic approach.

Toyota contributed over 42% of HEV sales, once again demonstrating its deep control over the hybrid route and market loyalty. The rise of hybrid models also reflects consumers' recognition of the "middle path" under the current U.S. automotive policy landscape.

● In stark contrast to hybrids, plug-in models (PHEVs and BEVs) showed signs of fatigue.
While total NEV sales still grew by 4.8% year-on-year, the pace has significantly slowed compared to last year’s rapid growth.
◎ BEVs sold 97,941 units in April, accounting for 9% of the overall light vehicle market, with both month-on-month and year-on-year growth rates remaining lackluster. In terms of annual sales share, BEV penetration has entered a "plateau period."
◎ PHEV sales reached 34,000 units, a decline from 38,000 units in March.

In the current U.S. market environment, hybrids are no longer "transitional" products but are becoming one of the mainstream powertrain systems. Especially in the U.S., where energy-saving policies favor flexibility and users have larger driving ranges, HEVs are expected to outperform NEVs (BEVs + PHEVs) in the next two to three years.

In April, U.S. new EV sales reached nearly 100,000 units, a month-on-month decline of 5.9%, but market share rose to 6.9%. Some brands are contracting, with share concentrating among a few top automakers.

For Tesla, although the Model Y sold 25,321 units, accounting for over a quarter of the overall BEV market, overall growth has been limited, and its market share remains below 50%, far lower than the monopoly level of previous years. Cox Automotive data shows that while Tesla’s market share increased by 3.7% month-on-month in April, its growth increasingly relies on the single Model Y model.

In this reshuffle, General Motors (GM) has emerged as the biggest dark horse. By focusing on the Chevrolet Equinox EV, Blazer EV, and Silverado EV, as well as the sustained launch of mid-to-high-end products like the Cadillac Lyriq, GM captured 14.4% of the U.S. EV sales share in April, closing in on Tesla’s 49%.

In the first quarter, GM’s EV sales nearly doubled, growing 94% to 31,887 units; Chevrolet even became the fastest-growing EV brand in the U.S.

The "de-Tesla-ification" effect of the Cadillac brand: nearly 80% of Cadillac EV users are first-time buyers, and about 15% are former Tesla owners who switched brands. Due to changes with Elon (presumably referring to Tesla’s strategies or leadership), Cadillac has unexpectedly attracted this wave of customers.

Traditional EV players like Ford, Hyundai, and Volkswagen have experienced varying degrees of decline.
In particular, Ford’s EV division has performed weakly, with no obvious growth signs for the Mach-E and F-150 Lightning. Hyundai faces dual challenges of weak IONIQ series growth and inventory pressure from older models.

The mid-tier EV market ($30,000-$50,000) presents a complex landscape of "fierce competition, thin profits, and user indecision."