They referred to as it a “gross sales slowdown” in 2024. And certainly, gross sales of all-electric autos have not taken off as shortly because the auto trade’s once-optimistic projections. However EVs nonetheless made up a document 8.1% of new-car purchases within the U.S. final yr at 1.3 million models moved and gross sales are persevering with to develop.
Not a nasty yr for the all-electric sector, whenever you have a look at the numbers. These numbers are available from Cox Automotive’s Kelley Blue Ebook, which delivered its long-awaited annual U.S. gross sales report immediately.
As we famous beforehand, the fourth quarter of 2024 was an particularly sturdy one for electrical gross sales, pushed partially by aggressive end-of-year lease and finance offers and fears that the brand new presidential administration may get rid of some or the entire EV tax credit. Ultimately, electrical gross sales had been up 7.3% yearly, and that 8% electrical market share was additionally up from 7.8% in 2023. So it was a very good yr of electrical gross sales for a lot of automakers—however actually not all of them, Cox Automotive stories.
“The positive aspects in 2024 had been additionally supported by glorious new merchandise, notably from Basic Motors and Honda Motor Co., which collectively offered almost 80,000 extra EVs in 2024 than in 2023,” the report stated. “Hyundai Motor Group and Ford Motor Firm additionally notably elevated EV gross sales final yr.”
Nevertheless, “By quantity, Tesla gross sales had been estimated to be decrease yr over yr by greater than 37,000 models (roughly the amount GM added). VW and Mercedes-Benz additionally posted considerably decrease volumes in 2024 in comparison with 2023,” the report stated.
Tesla Supercharger Community: Opening Up In North America
Certainly, Tesla has been dropping market share for a while now. Blame elevated competitors, an ageing lineup of autos or folks being turned off by CEO Elon Musk, or some mixture of these issues, however because the EV sector grows the management of the corporate that kicked all of it off was certain to shrink in the end. Followers have not warmed as much as the styling and excessive prices of Mercedes-Benz’s EVs, and Volkswagen took a serious hit with the ID.4 crossover halting gross sales for about three months.
However even with these tailwinds, Tesla saved its EV gross sales crown in 2024. Listed here are Cox Automotive’s high 10 best-selling electrical fashions within the U.S. final yr:
- Tesla Mannequin Y
- Tesla Mannequin 3
- Ford Mustang Mach-E
- Hyundai Ioniq 5
- Tesla Cybertruck
- Ford F-150 Lightning
- Honda Prologue
- Chevrolet Equinox
- Cadillac Lyriq
- Rivian R1S
There are some things we are able to parse from these outcomes, so let’s dig in.
The wins from the Mannequin Y and Mannequin 3 aren’t terribly shocking, given Tesla’s nonetheless class-leading charging community and the rapid-fire worth cuts on the automobiles. It is nonetheless onerous to go incorrect with both of them. What’s much more attention-grabbing is that the Mustang Mach-E saved its long-held third-place slot; the Mach-E has acquired a number of vital updates and new trim ranges as of late, and it stays among the many first non-Tesla EVs to have the ability to use the ever-present Supercharger community. The Mach-E can be now the top-selling Mustang mannequin of any type.
Photograph by: InsideEVs
2025 Hyundai Ioniq 5 Restricted
The Ioniq 5 had an especially sturdy yr, main the cost for Hyundai to turn out to be the no. 2 U.S. vendor of EVs behind Tesla. (Third place went to GM and fourth went to Ford, for those who’re curious.) With a local Tesla-style NACS plug from the manufacturing facility and U.S. manufacturing permitting it to attain no matter EV tax credit survive the Trump administration, it may have a good higher yr forward.
Whereas demand has certainly slowed for the Cybertruck, it nonetheless edged out the F-150 Lightning as America’s best-selling electrical pickup truck; that is no simple activity. Nonetheless, the truck stays extremely polarizing, and the truth that Tesla entered the truck market however nonetheless could not eke out a yr of gross sales positive aspects is sort of telling.
GM clearly had a wonderful yr of gross sales, however the Honda Prologue was the actual shock there; as we’ve got written earlier than, it is proof that individuals need good EVs from this Japanese model. (The extreme lease and financing offers actually helped as effectively.)
Photograph by: InsideEVs
Lastly, the Rivian R1S retaining its slot within the high 10 was one other optimistic signal for the corporate, which noticed gross sales rise almost 4% in 2024 regardless of a components subject halting new automotive manufacturing for longer than the automaker certainly needed.
However as CES proved final week with firms everywhere in the world centered on batteries, software program and autonomy, we’re possible in for one more banner yr for the expansion of electrified automobiles—and Cox Automotive’s analysts agree. “The truth is, within the yr forward, one out of each 4 autos offered will possible be electrified not directly—a hybrid, plug-in hybrid or pure EV,” the report stated. “One factor is for sure: Every year, extra electrical autos with superior battery know-how are making their method onto America’s roads.”
Contact the writer: [email protected]
