Summary
- General Motors surpassed Hyundai Motor Group to become America’s second-best-selling EV brand
- Tesla remains in the No. 1 spot for EV sales
- Electric vehicle sales reached a record high in the U.S. in Q3
- Increasing charging infrastructure and attractive lease deals are boosting EV adoption
- Lease deals, discounts, and tax credits are helping drive EV sales growth in the U.S.
Article
In the third quarter of this year, electric vehicle (EV) sales in the U.S. reached a new record, with automakers selling an estimated 346,309 EVs, accounting for 8.9% of total auto sales. This increase was driven by attractive lease deals, financing offers, and a growing demand for affordable EV models among American car buyers. Despite political controversy and negative headlines, the sales of battery-powered cars are on the rise, with analysts predicting further growth in the future, potentially reaching a 10% market share. Tesla rebounded in Q3 after consecutive quarters of decline, with the Cybertruck becoming the third best-selling EV in the U.S., behind the Model Y and Model 3.
Tesla delivered 16,693 Cybertrucks in Q3, with sales boosted by the refreshed Model 3. The aging Model Y saw a 9.1% decline in sales, but still remains the best-selling EV on the market. Ford’s F-150 Lightning came in second among electric trucks, with just over 7,000 units sold. General Motors (GM) saw a significant increase in EV sales, becoming America’s second best-selling EV brand behind Tesla. The Equinox EV was GM’s best-selling model in Q3, with the Cadillac Lyriq experiencing a 281% increase in sales year over year.
Hyundai Motor Group, which includes Hyundai, Kia, and Genesis, has sold the most EVs year-to-date, surpassing GM in overall sales. The group moved 89,589 EVs by the end of Q3, compared to GM’s 70,450 EVs sold. Although GM’s EV sales rose in Q3 to surpass Hyundai, it remains to be seen whether GM or Hyundai will close out the year as the non-Tesla EV sales leader. Lease deals, discounts, and tax credits have played a significant role in driving EV sales, with leasing remaining a popular option due to the availability of tax credits at the point of sale.
The average transaction price for EVs is over $57,000, higher than the industry-wide average transaction price of $48,000. Leasing and financing options have made EVs more accessible to buyers, with 42.7% of all EVs in July 2024 being leased. The growing selection of EVs and improved charging infrastructure in the U.S. have also contributed to the increasing adoption of EVs. With 1,000 new chargers being added each week and Tesla’s Supercharger network expanding, going electric has become more convenient and appealing. Analysts expect this trend to continue, with the expectation of even greater adoption of EVs in the coming years.
Overall, the EV market in the U.S. is seeing strong growth, with increasing sales driven by factors such as attractive lease deals, financing offers, and the availability of more affordable EV models. While Tesla remains the dominant player in the market, other automakers like GM and Hyundai are making significant strides in increasing their EV sales. With the expanding selection of EVs and improving charging infrastructure, the future looks bright for the electric vehicle market in the U.S. as more consumers consider making the switch to electric vehicles.
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