They referred to as it a “gross sales slowdown” in 2024. And certainly, gross sales of all-electric automobiles 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, while you have a look at the numbers. These numbers are available in from Cox Automotive’s Kelley Blue E-book, which delivered its long-awaited annual U.S. gross sales report right now.
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 all the 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 definitely not all of them, Cox Automotive stories.
“The good points in 2024 had been additionally supported by wonderful new merchandise, significantly from Basic Motors and Honda Motor Co., which collectively bought practically 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 quantity 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 shedding market share for a while now. Blame elevated competitors, an getting older lineup of automobiles 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 eventually. 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 below are Cox Automotive’s prime 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 will parse from these outcomes, so let’s dig in.
The wins from the Mannequin Y and Mannequin 3 aren’t terribly stunning, given Tesla’s nonetheless class-leading charging community and the rapid-fire value cuts on the vehicles. 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 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 also be now the top-selling Mustang mannequin of any sort.
Picture by: InsideEVs
2025 Hyundai Ioniq 5 Restricted
The Ioniq 5 had an especially sturdy yr, main the cost for Hyundai to develop into 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 facility and U.S. manufacturing permitting it to attain no matter EV tax credit survive the Trump administration, it may have an excellent 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 straightforward job. 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 good points is kind of telling.
GM clearly had a superb yr of gross sales, however the Honda Prologue was the actual shock there; as we’ve got written earlier than, it is proof that folks need good EVs from this Japanese model. (The extraordinary lease and financing offers definitely helped as effectively.)
Picture by: InsideEVs
Lastly, the Rivian R1S preserving its slot within the prime 10 was one other constructive signal for the corporate, which noticed gross sales rise practically 4% in 2024 regardless of a elements concern halting new automotive manufacturing for longer than the automaker absolutely wished.
However as CES proved final week with firms all around the world centered on batteries, software program and autonomy, we’re seemingly in for an additional banner yr for the expansion of electrified vehicles—and Cox Automotive’s analysts agree. “Actually, within the yr forward, one out of each 4 automobiles bought will seemingly be electrified not directly—a hybrid, plug-in hybrid or pure EV,” the report stated. “One factor is for sure: Annually, extra electrical automobiles with superior battery expertise are making their method onto America’s roads.”
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