Summary
- US electric vehicle market grew by 7% in 2024
- Tesla accounts for nearly 50% of the US EV market
- Tesla Model Y and Model 3 lead in sales, with 30 models getting over 10,000 sales a year
- New models saw the strongest growth in sales
- Ford, Chevrolet, Hyundai, and Kia were the top performing brands in the US EV market
Article
In 2024, the US electric vehicle market saw a 7% increase compared to 2023, with nearly 89,000 more units sold. Over the past few years, EV sales in the US have been steadily increasing, although not as rapidly as predicted or as seen in other markets like China and Europe. Tesla remains a dominant player in the US EV market, accounting for nearly 50% of all EV sales. However, in 2024, Tesla experienced a decline in sales compared to the previous year, while non-Tesla EV sales continued to grow.
Despite Tesla’s strong position, there is now a wide variety of EV models available in the market. The Tesla Model Y and Model 3 continue to be popular choices, with other models starting to gain traction as well. In 2024, there were 30 models that sold over 10,000 units a year, with 8 models surpassing 30,000 sales. While EV sales have improved compared to previous years, there is still room for growth and expansion in the market.
Some of the top-performing models in terms of sales growth in 2024 were new models like the Cadillac LYRIQ, Ford’s Mustang Mach-E and F-150 Lightning, and the Hyundai IONIQ. On the other hand, Tesla’s main models saw a decrease in sales, along with the Volkswagen ID.4 and Mercedes EQS. Luxury models and delivery vehicles were among the top performers in terms of percentage growth, while Volvo Cars had a particularly challenging year.
In 2024, Tesla maintained its dominant position in the US EV market, capturing nearly half of the market share. Following Tesla, Ford, Chevrolet, Hyundai, and Kia were the top-performing brands in terms of EV sales. Ford achieved nearly 100,000 EV sales in 2024, showing significant growth in the market. When looking at automotive groups, Hyundai-Kia ranked second in EV sales, ahead of GM and Ford. Together, these top brands accounted for around 75% of all US EV sales in 2024.
Overall, the US EV market continues to show growth and diversification, with more models and brands entering the market. While Tesla remains a key player, other automakers are gaining traction and expanding their EV offerings. With support from organizations like Cox Automotive and Kelley Blue Book, the US EV market is poised for further growth and development in the coming years.
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