New record: More than 1.3 million EVs sold in the US in 2024

According to Cox Automotive’s Kelley Blue Book, nearly every carmaker sold more EVs last year than in 2023 (aside from Tesla, for example). In total, EVs had a market share of around 8.1 per cent. As mentioned above, EV sales increased by more than seven per cent compared to the previous year, while the country’s entire automotive market only grew by just over two per cent. So why do carmakers continue to talk about a slump in sales or EV uptake being slower than they expected?

Just as an example: As reported earlier, General Motors sold more than  114,000 electric cars in the US in 2024, which is an increase of 50 per cent compared to 2023. Ford sold 97,865 EVs, with each of its electric models achieving record sales in the US in 2024.

Nevertheless, EV sales did not grow quite as rapidly as they did between 2022 and 2023. At the time, sales increased by 49 per cent – also because of the growing number of models available in the states. So, EV sales rising a mere 7.3 per cent in 2024 may seem close to nothing.

Tesla leads the model ranking

In terms of numbers, more than 1.3 million electric cars were sold in the US last year, up from around 1.21 million in 2023. That is a growth of 7.3 per cent year YoY. With 372,613 units, the Tesla Model Y was the best-selling car (by far), followed by the Model 3 with 189,903 units and the Ford Mustang Mach-E with 51,745. For the latter, the number of sales actually jumped by nearly 27 per cent (up from 40,771 units in 2023), while sales for the Tesla Model Y and Model 3 dropped 6.6 and 17.4 per cent YoY, respectively.

Unsurprisingly, Tesla thus also occupies the top spot in the automaker ranking, selling a total of 633,762 EVs in the United States in 2024. Second place goes to Ford, which, according to Cox Automotive’s Kelley Blue Book, sold 97,865 EVs in the US last year, while Chevrolet comes in third with 68,044 units sold.

But back to the overall picture: Of the 68 models tracked by Kelley Blue Book, 24 posted an increase in sales compared to 2023. Moreover, “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.”

After wrapping up the year 2024 on a high note, the US automotive industry also seems hopeful for the current year. According to Cox Automotive’s 2025 Outlook, they are looking at another record year, with the market share said to jump to 10 per cent. When plug-in vehicles are added to the mix, the share rises to 15 per cent.

“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,” the company says about President-elect Donald Trump’s announcement that he would scrap the US tax credit of 7,500 dollars for electric cars when he takes office. “In fact, 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.”

coxautoinc.com, coxautoinc.com (model and manufacturer ranking; PDF)