2024 Sees Surge in Electric Vehicle Sales in the U.S.

More than 1.3 million electric vehicles (EVs) were purchased in the U.S. in 2024, showing a year-over-year increase of 7.3% and making up 8.1% of total auto sales, according to Kelley Blue Book.

Strong Incentives Drive EV Growth

Factors contributing to this rise included robust automaker incentives, appealing lease options, and various federal and state programs. Kelley Blue Book noted that manufacturers like General Motors introduced competitive new models that also attracted buyers.

Leading Brands and Models

Tesla Inc. TSLA emerged as the top-selling EV brand, followed closely by Ford Motor Co. F. However, the best-selling models came from various automakers.

Top-Selling Models in 2024

The Tesla Model Y SUV took the lead as the best-selling model, with 372,613 units sold, which represented a significant 28.6% market share. Following closely was the Model 3, also from Tesla. The updated version was released in January 2024, leading to 189,903 units sold and a market share of 14.6%.

Ford contributed to the competition with its Mustang Mach-E, selling 51,745 units, and the F-150 Lightning with 33,510 units sold, securing third and sixth place in sales, respectively. South Korean company Hyundai made its mark with the Ioniq 5, selling 44,400 units.

Additionally, Tesla’s newly launched Cybertruck sold 38,965 units, showing considerable consumer interest despite its higher price point.

Japanese manufacturer Honda entered the mix with its Prologue model, selling 33,017 units for seventh position. General Motors’ Chevrolet Equinox EV and Cadillac Lyriq each surpassed 28,000 units sold, despite the Equinox EV launching only in May. Finally, Rivian’s high-end R1S SUV rounded out the list with nearly 27,000 units sold.

Future Predictions for the EV Market

Looking ahead, Cox Automotive forecasts a continued rise in EV sales for 2025, despite potential policy uncertainties with the upcoming Trump administration. The firm anticipates over 15 new EV models to launch, improvements in charging infrastructure, and ongoing automaker incentives will lead to a projected 10% market share for EVs.

With anticipated policy changes not likely to take immediate effect, prospective buyers may still feel encouraged to make their purchases. Cox expects 2025 to be a record-setting year in terms of EV sales volume.

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Photo courtesy: Tesla