They known as it a “gross sales slowdown” in 2024. And certainly, gross sales of all-electric automobiles have not taken off as rapidly because the auto trade’s once-optimistic projections. However EVs nonetheless made up a report 8.1% of new-car purchases within the U.S. final 12 months at 1.3 million models moved and gross sales are persevering with to develop.
Not a nasty 12 months for the all-electric sector, whenever you have a look at the numbers. These numbers are available in from Cox Automotive’s Kelley Blue Ebook, which delivered its long-awaited annual U.S. gross sales report at the moment.
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 eradicate some or the entire EV tax credit. In the long run, electrical gross sales have been up 7.3% yearly, and that 8% electrical market share was additionally up from 7.8% in 2023. So it was a superb 12 months of electrical gross sales for a lot of automakers—however definitely not all of them, Cox Automotive studies.
“The beneficial properties in 2024 have been additionally supported by wonderful new merchandise, significantly from Common Motors and Honda Motor Co., which collectively bought practically 80,000 extra EVs in 2024 than in 2023,” the report mentioned. “Hyundai Motor Group and Ford Motor Firm additionally notably elevated EV gross sales final 12 months.”
Nevertheless, “By quantity, Tesla gross sales have been estimated to be decrease 12 months over 12 months by greater than 37,000 models (roughly the quantity GM added). VW and Mercedes-Benz additionally posted considerably decrease volumes in 2024 in comparison with 2023,” the report mentioned.
Tesla Supercharger Community: Opening Up In North America
Certainly, Tesla has been shedding market share for a while now. Blame elevated competitors, an growing older lineup of automobiles or individuals 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 sure 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 significant 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 12 months:
- 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 arduous to go unsuitable 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 necessary 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 also be now the top-selling Mustang mannequin of any sort.
Picture by: InsideEVs
2025 Hyundai Ioniq 5 Restricted
The Ioniq 5 had a particularly sturdy 12 months, 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, when you’re curious.) With a local Tesla-style NACS plug from the manufacturing unit and U.S. manufacturing permitting it to attain no matter EV tax credit survive the Trump administration, it may have an excellent higher 12 months 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 process. Nonetheless, the truck stays extremely polarizing, and the truth that Tesla entered the truck market however nonetheless could not eke out a 12 months of gross sales beneficial properties is sort of telling.
GM clearly had a superb 12 months of gross sales, however the Honda Prologue was the true shock there; as now we have written earlier than, it is proof that individuals need good EVs from this Japanese model. (The extraordinary lease and financing offers definitely helped as nicely.)
Picture by: InsideEVs
Lastly, the Rivian R1S holding its slot within the high 10 was one other optimistic signal for the corporate, which noticed gross sales rise practically 4% in 2024 regardless of a components challenge halting new automobile manufacturing for longer than the automaker absolutely needed.
However as CES proved final week with corporations all around the world targeted on batteries, software program and autonomy, we’re seemingly in for one more banner 12 months for the expansion of electrified automobiles—and Cox Automotive’s analysts agree. “The truth is, within the 12 months forward, one out of each 4 automobiles bought will seemingly be electrified indirectly—a hybrid, plug-in hybrid or pure EV,” the report mentioned. “One factor is for sure: Every year, extra electrical automobiles with superior battery know-how are making their method onto America’s roads.”
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