- U.S. EV gross sales hit 1.3 million in 2024, in response to Cox Automotive.
- Tesla bought round 634,000 EVs, a 5.6% drop from 2023.
- Different automakers like Common Motors, Hyundai and Ford crammed the hole.
Given all of the hullabaloo about electrical automobile gross sales stalling, sputtering and what have you ever over the past 12 months or so, it’d be straightforward to imagine that EVs had a horrible 2024. You would be mistaken. Now that the ink has dried on automakers’ annual gross sales stories, it is clear that 2024 was a giant 12 months for electrical automobiles on this nation—even when Tesla didn’t achieve this scorching.
Individuals purchased a report 1.3 million electrical automobiles in 2024, Cox Automotive’s Kelley Blue Guide estimates, whereas a number of firms bought extra EVs than ever. Gross sales of battery-powered automobiles grew by 7.3%, whereas the auto market total inched up simply over 2%. EVs claimed 8.1% market share. And momentum is squarely on the facet of batteries and charging cords: Within the again half of 2024, 700,000 new EVs modified fingers, representing 8.7% of automobile gross sales.
Worldwide, the figures had been even higher. Analysis agency Rho Movement advised Reuters at present that international gross sales of absolutely electrical automobiles and plug-in hybrids rose 25.6% year-over-year in December to 1.9 million, particularly propelled by momentum in China. So whereas the U.S. is behind the remainder of the world in EV adoption, it is nonetheless rising at a gradual fee right here.
“Wanting again at 2024, I feel it was 12 months,” mentioned Stephanie Valdez Streaty, director of trade insights at Cox, of EV gross sales. Compelling new fashions, plus incentives from automakers, the U.S. authorities and states helped drive extra folks into EVs than ever, she mentioned. Laborious-to-ignore offers sponsored by the federal “leasing loophole” slashed month-to-month funds and boosted EV leasing to new heights.
Do not get me mistaken. The American EV market didn’t develop almost as swiftly because it did in years previous, nor as quickly as many analysts and automakers had as soon as predicted. (EV gross sales shot up 49% between 2022 and 2023, an almost not possible fee to maintain.)
Nevertheless it was an up 12 months total, which is nice information for the extraordinarily vital transition to cleaner automobiles.
Tesla Slumped, Whereas GM And Hyundai Soared
So which firms had been the massive winners final 12 months? Not Tesla, for a change. Its international deliveries fell for the primary time in over a decade, and it misplaced floor in its residence market too.
Cox analysts say Tesla bought round 634,000 EVs in 2024, a 5.6% drop from 2023. That is possible resulting from an growing older and slender lineup, but additionally broader headwinds within the area, mentioned Valdez Streaty. Because the EV trade appears to be like to go mainstream, producers are certain to face extra resistance than ever. Tesla is not resistant to that.
Tesla’s gross sales slowed down within the U.S. and overseas in 2024.
Nonetheless, Tesla hung onto its lead as America’s largest EV maker and claimed near 50% of the electrical market. No person else is even shut, although different firms had been instrumental in plugging the hole left by Tesla’s stoop.
“What we noticed was the opposite automakers displaying fairly sturdy indicators of progress, albeit from a a lot smaller base,” mentioned Corey Cantor, an EV analyst at BloombergNEF.
Common Motors crushed it in 2024, shifting simply over 114,000 electrical Cadillacs, GMCs and Chevrolets. That’s because of a secure of heavy-hitters that it was lastly capable of mass-produce in 2024 following battery-assembly and software program snafus.
The Chevy Blazer EV and Cadillac Lyriq racked up over 50,000 gross sales mixed. The Chevy Equinox EV was GM’s actual MVP. Individuals snapped up 29,000 of them final 12 months, together with a whopping 18,000 within the fourth quarter alone. That is what occurs once you give folks what they need: EVs that look nice, go over 300 miles per cost and will not break your finances.
Picture by: Motor1.com
The Chevy Equinox EV LT might be had for properly beneath $30,000, factoring within the federal EV tax credit score.
Hyundai Motor Group, purveyor of Hyundai, Kia and Genesis automobiles, additionally cracked the 100,000 EV mark for the primary time in 2024. It’s dropped kick-ass EVs left and proper over the previous couple of years—head-turning automobiles with ultra-fast charging and nice specs throughout. That technique continues to repay.
Hyundai bought 44,400 Ioniq 5 crossovers, a 31% leap over 2023. Kia moved 22,000 of its three-row EV9 SUV in its first full 12 months on sale. All advised, the automaker shipped roughly 124,000 EVs, Cox estimates, incomes it the coveted No.2 spot behind Tesla.
Even Ford, which didn’t launch any new EV fashions in 2024—it’s pushed out its next-generation shopper EVs till 2027—ended the 12 months with a bang. It moved virtually 98,000 EVs, together with a wholesome 52,000 Mustang Mach-E SUVs and 33,510 F-150 Lightnings.
12 months over 12 months, Ford grew its EV gross sales by 35%.
BMW bought over 50,000 EVs within the U.S. for the primary time between its 4 fashions: the iX, i4, i5 and i7.
After which there was the Honda Prologue. “That is the one which I feel shocked everybody, how properly Honda did,” Valdez Streaty mentioned.
Picture by: InsideEVs
The Honda Prologue was the shock winner of 2024.
No person anticipated a lot from the Japanese model’s first U.S.-market EV, which is admittedly constructed by Common Motors. Boy had been they mistaken. The Prologue wooed 33,000 patrons, regardless of solely occurring sale within the again half of the 12 months. It proves that individuals actually need EVs from manufacturers they know, belief and imagine to be dependable. Somebody ought to actually inform Toyota, which has been dragging its toes on EVs.
Regardless of having two EVs available on the market with uncompetitive specs, Toyota and Lexus virtually doubled their EV gross sales to only over 28,000 items. The automaker bought over one million electrified automobiles within the U.S., although—that’s, hybrids, plug-in hybrids, EVs and hydrogen automobiles—which can be a win for the local weather. All-in-all, Toyota had a banner 12 months on hybrid gross sales specifically and that is anticipated to proceed in 2025.
Picture by: Mack Hogan/InsideEVs
The 2025 Mercedes-Maybach EQS 680 SUV.
The 2 remaining main U.S. EV startups had up years too. Lucid Motors delivered a report 9,236 automobiles, whereas Rivian shipped 51,442 automobiles within the U.S., per Cox.
It wasn’t sunshine and rainbows for all, nonetheless.
Mercedes-Benz’s U.S. EV gross sales plummeted by virtually 42%, and it’s changing into more and more clear that the model’s EVs had been a miss on the design entrance. Volkswagen’s ID.4 crossover was beneath a stop-sale order for months final 12 months, dealing a blow that the addition of the delightfully retro ID. Buzz van couldn’t stability out. A shock tariff on Chinese language-made automobiles dashed Volvo’s hopes to convey its low-cost EX30 EV to the U.S. for many of final 12 months, so the model’s gross sales suffered.
What’s Subsequent For EV Gross sales?
Cox expects one other 12 months of gradual progress. It forecasts that 1.6 million new EVs will change fingers in 2025, making up a landmark 10% of auto gross sales. Hybrids, in the meantime, are anticipated to say 15% market share, that means that one in 4 automobiles bought in 2025 might be electrified in some capability.
Over a dozen new EV fashions will launch within the coming 12 months, increasing choices for patrons on the fence. The Hyundai Ioniq 9 will add a brand new three-row choice for greater households. The Ram 1500 Ramcharger will arrive as the primary of a brand new breed of “extended-range EVs,” automobiles with fuel turbines that increase the space they’ll cowl between fill-ups. The 2026 Chevrolet Bolt needs to be a much-needed reasonably priced choice. Tesla has teased a brand new automobile too, however it’s been characteristically opaque about its plans.
Picture by: Hyundai
The 2026 Hyundai Ioniq 9 arrives this 12 months.
Charging infrastructure, a continuous sore spot for EV patrons, will get higher, constructing on the over 200,000 plugs put in as of December.
However 2025 will possible be a tough rollercoaster of a 12 months for EVs. As demand progress slowed and automakers restrategized in 2024, it turned clear that the change to electrical propulsion will not be easy, fast or straightforward.
Now that the fanatical early adopters have largely been happy, the magnitude of the problem dealing with the auto trade has come into focus. Automakers have to win over mainstream patrons, who’ve extra critical qualms about vary, entry to charging plugs and automobile value, analysts say. Rates of interest are nonetheless elevated and customers really feel squeezed by years of excessive inflation.
In the meantime, electrical automobiles stay dearer up entrance than fuel equivalents, and the brand new fashions popping out this 12 months do little to vary that. To succeed in escape velocity, the EV market wants a variety of automobiles that match entry-level fuel automobiles on value.
“Once more, that type of elusive $30,000-$40,000 value vary appears to be like fairly empty,” Cantor mentioned.
To not point out, President-elect Donald Trump desires to shred insurance policies that profit EV patrons and sellers. A worst-case situation may spell the top of the $7,500 tax credit score for plug-in purchases, the subsidy for clean-car leases and extra.
Cox assumes that any adjustments to EV insurance policies beneath the brand new administration would not be felt till after 2025. And apart from, Valdez Streaty mentioned, the horse has left the barn. Insurance policies and competitors all over the world will make sure that of that.
“We’ll go electrical,” she mentioned. “The ship has already sailed.”
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