U.S. Electric Vehicle Sales Surge to All-Time High in 2024
The U.S. electric vehicle (EV) market achieved a significant milestone in 2024, with sales reaching a record 1.3 million units, marking a 7.3% increase from the previous year. According to data from Cox Automotive's Kelley Blue Book, the final quarter of the year saw 365,824 units sold, a notable 15.2% rise year-over-year.
Despite this growth, Tesla, the sector leader, experienced a decline in sales, selling 633,762 units throughout the year, which reflects a 5.6% decrease compared to 2023. Tesla's market share has also taken a hit, dropping to 48.7% for 2024, down from 55% in 2023 and 65% in 2022. Nevertheless, Tesla maintained the top spots for its EV models, with the Model Y and Model 3 selling 372,613 and 189,903 units respectively.
Meanwhile, Ford emerged as a key player, holding the second-largest market share at 7.5%, driven by the success of the Mustang Mach-E and F-150 Lightning, both of which saw significant sales increases. Other notable newcomers to the top ten bestselling EVs included the Hyundai Ioniq 5 and Honda Prologue, each benefiting from increased demand.
The top gainers in unit sales included Honda and General Motors, collectively experiencing an increase of nearly 80,000 units, underscoring the growing diversity and competition in the EV market.
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