General Motors and Honda Motor Co., which together sold nearly 80,000 more EVs in 2024 than in 2023. Hyundai Motor Group and Ford Motor Company also notably increased EV sales last year.
Sales of electric vehicles in the U.S. jumped 15.2% year over year in the fourth quarter of 2024 to 365,824, setting a new volume record for any quarter, according to the latest counts from Cox Automotive’s Kelley Blue Book released Jan. 13.
In 2024, full-year EV sales reached 1.3 million, an increase of 7.3% from the upwardly revised total in 2023. Sales of EVs in the U.S. benefitted from strong incentives from the automakers, excellent lease deals, and federal and state incentive programs.
The gains in 2024 were also supported by excellent new products, particularly from General Motors and Honda Motor Co., which together sold nearly 80,000 more EVs in 2024 than in 2023. Hyundai Motor Group and Ford Motor Company also notably increased EV sales last year.
By volume, Tesla sales were estimated to be lower year over year by more than 37,000 units (roughly the volume GM added). VW and Mercedes-Benz also posted significantly lower volumes in 2024 compared to 2023.
The EV market in the U.S., as it is in China and Europe, is hypercompetitive: Of the 68 mainstream EV models tracked by Kelley Blue Book, 24 models posted year-over-year sales increases; 17 models were all-new to the market; and 27 decreased in volume, including models being discontinued such as the Chevrolet Bolt and Mazda MX-30.
The Tesla Model Y and Model 3 continue to be best-selling electric vehicles in the U.S. by a long margin, but both aging models saw notable sales declines. Still, the Model Y and Model 3 accounted for more than 40% of all EVs sold last year. The Ford Mustang Mach-E was the best-selling EV not made by Tesla, followed by the Hyundai Ioniq 5.
The Tesla Cybertruck came in at No. 5, just ahead of the Ford F-150 Lightning. The Honda Prologue, which had zero sales in 2023, was No. 7 on the best-selling list for 2024, marking up more than 33,000 sales in its first year.
Overall, EV sales in the U.S. continue to grow, with more than 2.5 million EVs sold in the past 48 months. In the latest analysis, sales in 2023 were revised upward to 1,212,758 units, a 49% gain from 2022. Sales in 2024 (1,301,411) were higher by 7.3% and accounted for 8.1% of total sales, up from 7.8% share in 2023. While the rate of growth has slowed, volume continues to expand. In the second half of 2024, more than 700,000 EVs were sold, accounting for 8.7% of total new-vehicle sales.
Cox Automotive expects further EV sales growth in 2025. With more than 15 new products scheduled to enter the market, improving charging infrastructure, and continued support (i.e., generous incentives) from the automakers, sales of EVs will likely account for close to 10% of total sales this year, according to the Cox Automotive Forecast.
While policy changes in Washington might slow the growth, those changes likely won’t take effect for some time, and many buyers might jump in before changes are made. Cox Automotive is expecting 2025 to set another record for EV volume.
In the year ahead, one out of every four vehicles sold will likely be electrified in some way – a hybrid, plug-in hybrid or pure EV. One thing is for certain: Each year, more electric vehicles with advanced battery technology are making their way onto America’s roads.
