Despite Tesla's continued dominance, new electric vehicle models entered the market, accounting for 8% of all new car sales in 2024.
It was referred to as a "sales slowdown" in 2024. And indeed, sales of purely electric vehicles didn't rise as rapidly as the automotive industry's previously optimistic projections predicted. But EVs still accounted for a record 8.1% of new vehicle purchases in the U.S. last year, with about 1.3 million units sold and sales are continuing to increase.
The automaker delivered its long-awaited annual U.S. sales report today.
For electric vehicle sales, driven in part by the push of aggressive end-of-year leasing and financing options and concerns that the new administration could eliminate some or all of the EV tax incentives. Overall, electric vehicle sales were up 7.3% annually, and this 8% electric market share was also higher than the 7.8% a year earlier. It was a positive year for electric vehicle sales for many car manufacturers - although not all of them, as reported by Cox Automotive.
The company increased its market share in 2024 due to outstanding new product offerings, particularly from General Motors and Honda Motor Company, which collectively sold nearly 80,000 more electric vehicles in 2024 than in 2023," the report stated. "Hyundai Motor Group and Ford Motor Company also significantly boosted their electric vehicle sales last year.
However, "By volume, Tesla sales were estimated to be lower year over year by over 37,000 units, approximately the number of vehicles added by General Motors."
.
Despite these favorable conditions, Tesla maintained its electric vehicle sales leadership in 2024. The following are Cox Automotive's top 10 best-selling electric models in the United States last year:
Let's take a closer look at what we've found in these results.
It's not surprising to see the Model Y and Model 3 coming out on top, considering Tesla's charging network is still the best in its class, and the cars' prices have been rapidly reduced. You can't go wrong with either of them. What's even more fascinating is that the Mustang Mach-E retained its third position; the Mach-E has received several recent updates and new trim levels, and it remains a pioneer among non-Tesla EVs in using the widely accessible Supercharger network. Moreover, the Mach-E has become the top-selling Mustang model across the board.
The Hyundai Ioniq 5 had a remarkably successful year, propelling Hyundai to become the second-largest electric vehicle (EV) seller in the US, following behind only Tesla. Rounding out the top four were General Motors in third place and Ford in fourth. Boasting a factory-installed Tesla-style NACS charging plug, as well as US production, the Ioniq 5 is poised to achieve even greater success in the years to come, with its eligibility for remaining EV tax credits supported by the Trump administration intact.
Although demand for the Cybertruck has decreased, it managed to outsell the F-150 Lightning as America's top-selling electric pickup truck, a feat not to be taken lightly. Nonetheless, the vehicle remains highly divisive, and Tesla's foray into the truck market is notably still without a year of consecutive sales growth.
General Motors had a surprisingly good year in terms of sales, but the Honda Prologue was the standout performer; as we've mentioned previously, it shows that consumers are eager for high-quality electric vehicles from this Japanese manufacturer. (The attractive leasing and financing offers undoubtedly made a significant contribution as well.)
Lastly, the Rivian R1S holding its position in the top 10 indicated another positive sign for the company, which experienced a nearly 4% increase in sales in 2024 despite production of new cars being halted for an extended period due to parts availability issues.
