Electric vehicles and hybrids reached a new record in sales in 2024, recording more than 20% of all United States vehicle sales.
A recent report for Auto data firm Motor Intelligence reveals more than 3.2 million electrified vehicles were sold in the US market in 2024 - 1.9 million hybrid vehicles, and 1.3 million all-electric models.
For the first time in automotive history, combustion engine vehicles fell below 80% of total vehicle sales.
Elon Musk’s Tesla Inc (NASDAQ: TSLA) is at the top of the EV market in the U.S., with the Tesla Model Y and Model 3 estimated to be the bestselling EVs in 2024.
The U.S. market for EVs is incredibly competitive with only 24 of 68 major EV models recording year-over-year sales increases.
Further EV sales growth is expected in 2025 with the introduction of more than 15 new products into the expanding market.
Among the top five best sellers were Hyundai Motor Co (KRX: 005380) which accounted for 9.3% of sales followed by General Motors (NYSE: GM) at 8.7%, Ford Motor (NYSE: F) at 7.5% and BMW (ETR: BMW) at 4.1%.
List of Top 10 EV Models in the U.S.
- Tesla Model Y
- Tesla Model 3
- Ford Mustang Mach-E
- Hyundai Ioniq5
- Tesla Cybertruck
- Ford F-150 Lightning
- Honda Prologue
- Chevrolet Equinox
- Cadillac Lyriq
- Rivian R1S
As charging infrastructure improves, along with incentives from vehicle manufacturers, Cox Automotive predicts one out of every four vehicles sold in 2025 will be electrified, with EVs set to account for 10% of new vehicle sales.
However, there is growing uncertainty about how Donald Trump’s presidency may affect EV sales.
Trump's transition team has outlined plans for major policy shifts including ending government incentives for the purchase of EVs in the form of $7,500 federal credit, reducing charging infrastructure, implementing stricter restrictions on imports of vehicles, components, and battery materials from China, and introducing global tariffs on battery materials to promote production in the U.S.
The measures aim to counter China's lead in the EV industry and align with Trump's campaign promises to deregulate fossil-fuel vehicles and reverse President Biden's EV policies.
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