Americans bought 1.3 million electric vehicles (EVs) in 2024, a new record. A late sales surge helped, as EV sales spiked 15.2% year-over-year in the fourth quarter.
In the final tally, EV sales rose 7.3% from 2023 numbers, according to Kelley Blue Book data. Sales growth has slowed – 2023’s figure was 49% higher than 2022’s. But sales have never stopped growing, and the percentage of new cars sold powered purely by gasoline continues to slip.
Tesla Leads, But its Market Share Falls
Tesla essentially built the EV market in the U.S. but has lost ground as more competitors enter the market. Tesla sold more than 37,000 fewer cars in 2024 than in 2023 – roughly matching the volume GM added.
The two best-selling EVs were, once again, Tesla’s Model Y SUV and Model 3 sedan. But the list is changing quickly as new models arrive. Honda’s Prologue SUV finished seventh despite making its first sale in March. The Prologue was the best-selling non-Tesla EV in the fourth quarter.
Top 10 Best-Selling EVs in 2024
- Tesla Model Y
- Tesla Model 3
- Ford Mustang Mach-E
- Hyundai Ioniq 5
- Telsa Cybertruck
- Ford F-150 Lightning
- Honda Prologue
- Chevrolet Equinox
- Cadillac Lyriq
- Rivian R1S
Further Growth Likely in 2025
EVs made up 8.7% of all new cars sold in 2024.
Analysts from Kelley Blue Book parent company Cox Automotive predict continued EV sales growth in 2025. With improving charging infrastructure, heavy factory-sponsored discounts, and more new vehicles scheduled to enter the market, they predict that EVs could exceed 10% of all new cars sold in 2025.
One in four new cars sold, Cox Automotive predicts, will be electrified in some way – a hybrid, plug-in hybrid, or EV.
President-elect Donald Trump has said he may attempt to end the $7,500 tax rebate that helps many Americans buy a new EV. But that may prove impossible, as it would require an act of a closely divided Congress.