According to new data from Kelley Blue Book, EV sales in the U.S. continued their upward trajectory in the third quarter of 2024, reaching new heights in both volume and market share.
Despite a slight slowdown in year-over-year growth, EV sales increased by 11% compared to the previous year, with an estimated 346,309 EVs sold during the quarter. This represents a 5% increase from Q2 and a significant milestone for the EV industry.
The EV market share also reached a record high of 8.9% in Q3, up from 7.8% in the same period last year. This growth is attributed in part to government incentives and discounts, which averaged over 12% of the average transaction price (ATP) in Q3. As more affordable EV models become available and charging infrastructure improves, experts predict even greater adoption in the coming years.
Tesla, the market leader, rebounded from a decline in the first half of the year with a 6.6% increase in sales, driven primarily by the highly anticipated Cybertruck. Despite its hefty price tag, over 16,000 Cybertrucks were sold in Q3, outselling all other EV models except for Tesla’s Model Y and Model 3.
General Motors also made significant strides, with EV sales jumping nearly 60% to 32,095. While still trailing Tesla, GM’s strong performance across its Cadillac, Chevrolet, and GMC brands helped solidify its position in the EV market.
Hyundai Motor Group slipped to third place with relatively flat sales compared to the previous year. Ford followed in fourth, and Honda and Acura combined for over 15,000 EV sales thanks to the introduction of new models.
[source: Cox Automotive, KBB]
