- EVs’ share of the U.S. light-duty car market dropped from 7.4% in Q2 to 7% in Q3.
- Mixed gross sales of electrified autos elevated, due to robust gross sales of non-plug-in hybrids.
- EV gross sales 12 months over 12 months are nonetheless up in comparison with 2023.
Though Individuals 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 car (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 the complete U.S. LDV market. The Power Info Administration (EIA) says it is a new file.
Tesla nonetheless holds almost half of the market (48.8%), adopted by Basic 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.
Photograph by: US Power Info Administration
This enormous 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 offered within the U.S. certified for the total credit score. However the necessities have been tightened for 2024, making the checklist of eligible EVs a lot shorter (and it may get even shorter). They now should be made within the U.S., with battery parts and minerals sourced solely from sure locations—they will’t come from China, as an illustration. In fact, all of those restrictions don’t apply to autos which can be leased as a result of a loophole within the laws.
Most EVs bought in Q3 (70.7%) have been luxurious fashions, which remains to be loads, 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 offered. Plus, there’s an acute lack of inexpensive EVs within the U.S., so the typical value of a brand new EV earlier than incentives in Q3 was $56,351, or 16% increased 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 offered via the third quarter of 2024, a rise of 5% over 2023. EVs accounted for 8.9% of all new vehicles offered, a rise from 7.8% final 12 months.
Ford is in fourth place for the variety of EVs offered this 12 months in America, nevertheless it might be choosing up the tempo after a record-breaking November when gross sales amounted to 11,000 items (21% up year-over-year). It was really second behind Tesla final month, though one good month alone wasn’t sufficient to maneuver it into the highest three.
Honda additionally had robust 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 offered over 25,000 items from January via November, putting 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 an in depth. Will probably be fascinating to see the end-of-year information, on condition that this was broadly 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 may even be one to be careful for on the EV scene.
