U.S. sales of electric vehicles topped 1.3 million units in 2024, a 7.3% year-over-year increase, Cox Automotive’s Kelley Blue Book said in a Jan. 13 press release.
Q4 sales set a best-ever quarterly sales mark with 365,824 units sold, a 15.2% YoY improvement, according to the release. Sales benefited from strong automaker incentives and leasing deals, as well as federal and state programs.
Cox Automotive’s report coincides with automakers’ Q4 sales numbers, with many reporting record-breaking domestic sales aided by surging demand for EVs.
While it’s been suggested that the incoming Trump administration may end EV tax credits, which could slow sales growth, Cox Automotive said it would take time for any changes to take effect and the possibility of lost incentives may boost sales in the short term.
With improving charging infrastructure and 15 additional EV models entering the market, sales growth is expected to continue in 2025 with EVs projected to represent nearly 10% of all U.S. vehicle sales this year, Cox Automotive said.
Top 10 selling EVs in the U.S. in 2024
- Tesla Model Y
- Tesla Model 3
- Ford Mustang Mach-E
- Hyundai Ioniq 5
- Tesla Cybertruck
- Ford F-150 Lightning
- Honda Prologue
- Chevrolet Equinox
- Cadillac Lyriq
- Rivian R1S
Source: Cox Automotive Kelley Blue Book
A slew of new EVs, including those from General Motors and Honda Motor Co., which together sold nearly 80,000 more EVs in 2024 than in 2023, provided a boost to last year’s sales, Cox Automotive said. Hyundai Motor Group and Ford Motor Co. also reported increased EV sales last year.
By volume, Tesla sales were estimated to be lower YoY by more than 37,000 units, which was roughly the volume GM added, Cox Automotive reported. Volkswagen and Mercedes-Benz also posted lower volumes in 2024 compared to 2023.
Cox Automotive said the U.S. EV market is comparably competitive to China and Europe. Of the 68 mainstream EV models tracked by Kelley Blue Book, 24 models saw YoY sales increases; 17 models were new to the market; and 27 decreased in volume, which included discontinued models such as the Chevrolet Bolt and Mazda MX-30.
The Tesla Model Y and Model 3 reigned as the two best-selling EVs in the U.S., though both aging models saw notable sales declines, Cox Automotive said. However, the Model Y and Model 3 still accounted for more than 40% of all EVs sold last year.
Cox Automotive said the Ford Mustang Mach-E was the best-selling non-Tesla EV, followed by the Hyundai Ioniq 5. The Honda Prologue, which launched last March, was ranked seventh on the best-selling list for 2024, with sales of more than 33,000 units in its first year on the market.
Cox Automotive said EV sales in the U.S. continue to grow with more than 2.5 million EVs sold in the past 48 months. In its latest analysis, sales in 2023 were revised upward to 1.2 million units, a 49% gain from 2022.
EV Sales in 2024 accounted for 8.1% of total automotive sales, Cox Automotive reported. In 2023, EV sales represented 7.8% of all vehicles sold.
