Summary
- General Motors has become America’s second-best-selling EV maker, pushing Hyundai Motor Group into third place
- Electric vehicle sales hit a new record in the U.S. in Q3, driven by attractive lease deals, financing offers, and growing interest in affordable models
- Tesla rebounded in Q3, with the Cybertruck becoming the third best-selling electric car in the U.S. behind the Model Y and Model 3
- General Motors and Honda saw significant growth in EV sales, with GM’s Equinox EV becoming its best-selling model
- Lease deals, discounts, and tax credits have played a significant role in fueling EV sales growth, along with expanding charging infrastructure and a growing variety of EV models
Article
H2: General Motors Surpasses Hyundai Motor Group to Become America’s Second-Best-Selling EV Brand
General Motors has officially become America’s second-best-selling EV maker, surpassing Hyundai Motor Group to take the second spot behind Tesla. The increased sales for General Motors can be attributed to new models, an expanding charging infrastructure, and attractive lease deals that are driving EV adoption across the U.S. Electric vehicle sales hit a record high in the third quarter of 2024, with automakers selling an estimated 346,309 EVs, representing an 8.9% share of total auto sales, the highest on record. Despite political controversies surrounding EVs, the market for battery-powered cars is thriving.
H2: Tesla Rebounds With Cybertruck Sales Taking the Lead
After facing consecutive quarters of sales decline, Tesla rebounded in the third quarter of 2024, largely due to the success of the Cybertruck and the refreshed Model 3. The Cybertruck became the third best-selling electric car in the U.S., trailing behind the Model Y and Model 3. Tesla delivered 16,692 units of the Cybertruck in Q3, outperforming its competitors like Ford’s F-150 Lightning. The refreshed Model 3 also saw an increase in sales, while the aging Model Y experienced a slight decline. Tesla continues to dominate the EV market in the U.S.
H2: GM Shines While Honda Surprises in EV Sales
General Motors experienced a significant increase in EV sales in the third quarter of 2024, becoming America’s second best-selling EV brand behind Tesla. Despite a 2.2% decline in overall auto sales, GM’s EV deliveries surged by 60% year over year. The Equinox EV emerged as GM’s best-selling model, with the Cadillac brand leading among premium brands. Honda also emerged as a promising contender in the EV space, with the Prologue outselling GM’s top two EV models. These developments indicate a shifting landscape in the EV market.
H2: Hyundai Motor Group Leads Year-To-Date EV Sales
While General Motors secured the second spot in EV sales after Tesla in Q3, Hyundai Motor Group remains the year-to-date champion in EV sales. Despite a flat quarter in Q3, Hyundai, Kia, and Genesis brands combined sold more EVs than GM, with 89,589 units sold by the end of the third quarter. The Hyundai Motor Group may see increased sales with the introduction of the 2025 Hyundai Ioniq 5, equipped with a Tesla-style NACS plug, appealing to a broader range of U.S. buyers. The competition between GM and Hyundai for non-Tesla EV sales leadership remains close.
H2: Lease Deals Drive Growth in EV Sales
Lease deals, discounts, and tax credits have played a significant role in driving the growth of EV sales in the U.S. Leasing remains popular, with 42.7% of all EVs sold being leased, allowing buyers to obtain tax credits at the point of sale. While purchasing an EV remains expensive, lease offers provide buyers with more affordable options. The expanding selection of EVs and improved charging infrastructure have also contributed to the growth of the EV market. With an increasing number of chargers added each week and Tesla’s Supercharger network expanding, the adoption of electric vehicles is expected to rise in the coming years.
H2: The Future of EV Sales in the U.S.
Despite challenges and controversies surrounding EVs, the market continues to witness growth, driven by incentives, discounts, and technological advancements. As more affordable EV models enter the market and infrastructure improves, greater adoption of electric vehicles is anticipated in the coming years. With competition heating up between automakers like Tesla, General Motors, and Hyundai Motor Group, the EV market in the U.S. is poised for further expansion and innovation. As consumer preferences shift towards eco-friendly transportation options, the future of EV sales looks bright.
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