Electric and hybrid vehicles continued their upward trajectory in the US market during the third quarter of 2024. According to the US Energy Information Administration (EIA), combined sales of hybrid, plug-in hybrid, and battery electric vehicles (BEVs) surged to a record 21.2% of total new light-duty vehicle sales, up from 19.1% in the previous quarter.
BEVs were the primary driver of this growth, capturing 8.9% of the market, a significant increase from 7.4% in the second quarter. Hybrid vehicles also saw a boost, reaching a record 10.6% market share.
BEVs remained popular in the luxury segment, accounting for 35.8% of luxury vehicle sales. However, as sales outside the luxury market gained traction, the share of luxury BEVs in the overall BEV market declined to its lowest level since 2017.
Tesla retained its top spot in the US BEV market, but its market share dipped below 50% for the second consecutive quarter, settling at 48.8%.
The Model Y and Model 3 remained strong sellers, and the newly released Cybertruck, which outsold its electric truck competitors including Rivian R1T, Ford F-150 Lightning, Chevrolet Silverado EV, GMC Hummer EV, and GMC Sierra EV, contributed significantly to sales growth.
Ford held the second-largest share, although it declined to 6.9%. Chevrolet overtook Hyundai for the third spot, driven by the success of the Equinox EV and Blazer EV models.
While many EVs sold in the US are produced domestically, a significant portion comes from South Korea and Germany. According to estimates from Wards Intelligence, 78.9% of total BEVs sold in the United States in Q3 24 were produced in North America, 7.3% were produced in South Korea, and 5.3% were produced in Germany.
The Inflation Reduction Act’s clean vehicle tax credits have introduced stricter domestic content requirements for vehicles to qualify. However, lease options offer more flexibility and a wider range of eligible models for consumers.
[source: EIA]
