Over 1.3 million electric vehicles were sold in the U.S. in 2024, marking a growth of 7.3% year-on-year, and accounting for 8.1% of total auto sales, according to data from automotive research company Kelley Blue Book.
What Happened: EV sales in the U.S. benefited from strong incentives from automakers, excellent lease deals, and federal and state incentive programs in 2024, the firm said, while adding that companies like General Motors also added “excellent” new products.
Tesla Inc. TSLA was the most-sold EV brand nameplate, followed by Ford Motor Co. F. The best-selling EV models, however, came from across different brand names.
The top-selling EV model was, unsurprisingly, Tesla’s Model Y SUV. The company sold 372,613 units of the Model Y in the 12 months, grabbing a remarkable 28.6% market share.
Model Y was seconded by Tesla’s mass-market sedan – the Model 3. Tesla launched the refreshed Model 3 in the U.S. in Jan. 2024 and 189,903 units of the vehicle were sold, giving it a 14.6% share of the market.
Dearborn-based Ford sold 51,745 units of its Model Y rival Mustang Mach-E and 33,510 units of its Cybertruck rival F-150 Lightning, giving them the 3rd and 6th position in the best-selling EV list, respectively.
The fourth best-selling EV in the U.S. after the Teslas and the Ford SUV, comes from South Korean automaker Hyundai. Hyundai sold 44,400 units of its Ioniq 5 SUV, placing it below the Mach-E but above Tesla’s stainless steel truck Cybertruck. Tesla sold 38,965 units of the Cybertruck last year.
Japanese automaker Honda also found a place in the best-selling EV list with its Prologue. The company sold 33,017 units of the Prologue, cementing its 7th position on the list.
General Motors’ Chevrolet Equinox EV and the Cadillac Lyriq also made it onto the list with over 28,000 units sold of each. GM started delivering the Equinox EV only in May.
California-based Rivian’s R1S SUV took the tenth spot with nearly 27,000 units sold despite its high price point of about $75,000.
What’s Ahead: Cox Automotive expects EV sales to grow further in 2025 despite uncertainties around policy under the incoming Trump administration.
Cox noted that over 15 new models are expected to enter the market and coupled with better charging infrastructure and incentives from automakers, EV sales will rise and account for 10% of total vehicle sales in 2025.
Policy changes under the new administration will likely not be put into effect soon, allowing prospective buyers to make their purchases, it said.
The research firm is now expecting 2025 to be a record year for EV volume.
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Photo courtesy: Tesla
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