- EVs’ share of the U.S. light-duty automobile market dropped from 7.4% in Q2 to 7% in Q3.
- Mixed gross sales of electrified autos elevated, due to sturdy gross sales of non-plug-in hybrids.
- EV gross sales 12 months over 12 months are nonetheless up in comparison with 2023.
Though People purchased extra new electrical autos within the third quarter of 2024 than within the earlier quarter, EVs had a decrease share of the light-duty automobile (LDV) market in Q3. Their share dropped from 7.4% in Q2 to 7% in Q3. Nonetheless, gross sales and market share are each up over Q3 2023.
The general share of electrified autos (hybrids, plug-in hybrids and EVs) elevated ilast quarter, helped by the surge in recognition of non-plug-in hybrids, which made up 10.8% of your entire U.S. LDV market. The Power Info Administration (EIA) says this can be a new document.
Tesla nonetheless holds almost half of the market (48.8%), adopted by Common Motors, Hyundai and Ford. The EIA additionally quotes data from Wards Intelligence, which says 78.9% of all EVs purchased within the U.S. in Q3 have been made in North America, 7.3% got here from South Korea, and 5.3% have been German-made.
Picture by: US Power Info Administration
This large share of American-made EVs is a direct results of the Inflation Discount Act, which modified the necessities for EVs to qualify for the $7,500 federal tax credit score. Earlier than, most EVs bought within the U.S. certified for the total credit score. However the necessities have been tightened for 2024, making the listing of eligible EVs a lot shorter (and it may get even shorter). They now must be made within the U.S., with battery elements and minerals sourced solely from sure locations—they will’t come from China, as an illustration. After all, all of those restrictions don’t apply to autos which can be leased because of a loophole within the laws.
Most EVs bought in Q3 (70.7%) have been luxurious fashions, which remains to be quite a bit, however the EIA says it’s the bottom stage recorded since Q2 2017. That is as a result of the info considers Tesla a luxurious producer, and the corporate nonetheless accounts for round half of all EVs bought. Plus, there’s an acute lack of reasonably priced EVs within the U.S., so the common value of a brand new EV earlier than incentives in Q3 was $56,351, or 16% greater than the nationwide common.
If we simply have a look at gross sales numbers, extra EVs have been delivered within the U.S. this 12 months than in 2023. Over 346,000 EVs have been bought by means of the third quarter of 2024, a rise of 5% over 2023. EVs accounted for 8.9% of all new automobiles bought, a rise from 7.8% final 12 months.
Ford is in fourth place for the variety of EVs bought this 12 months in America, but it surely might be selecting up the tempo after a record-breaking November when gross sales amounted to 11,000 items (21% up year-over-year). It was truly second behind Tesla final month, though one good month alone wasn’t sufficient to maneuver it into the highest three.
Honda additionally had sturdy gross sales towards the tip of the 12 months, promoting greater than 6,800 Prologues in November, marking a 66% rise over October. The GM-built Prologue bought over 25,000 items from January by means of November, inserting it among the many nation’s high 5 best-selling EVs.
Some automakers appear to have caught some further gross sales wind because the 12 months attracts to a detailed. It will likely be fascinating to see the end-of-year information, provided that this was extensively considered a 12 months when EV gross sales cooled, primarily affected by excessive costs and the stricter federal tax credit score guidelines. With a brand new president who’s much less pleasant towards EVs and international imports than his predecessor, 2025 will even be one to be careful for on the EV scene.
