Sales of electric vehicles (EVs) in the US surged 15.2% year over year in the fourth quarter of 2024, totaling 365,824 units, setting a new quarterly record, according to Cox Automotive’s Kelley Blue Book.
Full-year EV sales for 2024 reached 1.3 million units, a 7.3% increase from the revised total for 2023.
As per the report, the growth was fueled by strong automaker incentives, attractive lease deals, and federal and state programs.
Notably, General Motors and Honda Motor Co. contributed to the gains, with nearly 80,000 more EVs sold in 2024 than in 2023.
Hyundai Motor Group and Ford Motor Company also saw increases in EV sales.
However, Tesla’s sales were estimated to have fallen by over 37,000 units year over year, while Volkswagen and Mercedes-Benz reported lower sales volumes in 2024 compared to the previous year.
Top 10 best-selling EV brands in the US in 2024
While Tesla sales for the year dipped close to 6% in the year, the EV major continued to maintain its dominance in the market.
The Elon Musk-led company’s dominance was maintained by the success of its Tesla Model Y and Model 3 cars.
The second and third spots were grabbed by legacy players Ford and Chevrolet.
| Rank | Brand | YTD Sales | YTD Market Share |
|---|---|---|---|
| 1 | Tesla | 633,762 | 48.7% |
| 2 | Ford | 97,865 | 7.5% |
| 3 | Chevrolet | 68,044 | 5.2% |
| 4 | Hyundai | 61,727 | 4.7% |
| 5 | Kia | 56,099 | 4.3% |
| 6 | Rivian | 51,579 | 4.0% |
| 7 | BMW | 50,980 | 3.9% |
| 8 | Honda | 33,017 | 2.5% |
| 9 | Nissan | 31,024 | 2.4% |
| 10 | Cadillac | 29,072 | 2.2% |
Top 10 best selling EV cars in the US in 2024
The Tesla Model Y and Model 3 remain the best-selling electric vehicles in the U.S., commanding over 40% of total EV sales in 2024, despite both models experiencing notable sales declines.
The Ford Mustang Mach-E was the top-selling non-Tesla EV, followed by the Hyundai Ioniq 5. The Tesla Cybertruck secured the fifth spot, just ahead of the Ford F-150 Lightning.
A major highlight in 2024 was the Honda Prologue, which went from zero sales in 2023 to ranking seventh on the list of best-selling EVs, with over 33,000 units sold in its debut year.
| Model | 2024 YTD Sales | 2023 YTD Sales | YOY Change |
|---|---|---|---|
| Tesla Model Y | 372,613 | 398,782 | -6.6% |
| Tesla Model 3 | 189,903 | 230,015 | -17.4% |
| Ford Mustang Mach-E | 51,745 | 40,771 | 26.9% |
| Hyundai Ioniq5 | 44,400 | 33,918 | 30.9% |
| Tesla Cybertruck | 38,965 | NA | NA |
| Ford F-150 Lightning | 33,510 | 24,165 | 38.7% |
| Honda Prologue | 33,017 | NA | NA |
| Chevrolet Equinox | 28,874 | 461 | – |
| Cadillac Lyriq | 28,402 | 9,154 | 210.3% |
| Rivian R1S | 26,934 | 21,831 | 23.4% |
What to expect from the EV market in 2025
Cox Automotive forecasts continued strong growth in EV sales in 2025, with expectations for more than 15 new electric vehicle models to enter the market.
The expansion of charging infrastructure and ongoing automaker incentives are anticipated to drive the share of EV sales to nearly 10% of total vehicle sales this year.
While potential policy changes in Washington could impact growth in the future, Cox Automotive believes they won’t take effect quickly enough to hinder 2025’s record-setting EV volume.
The trend towards electrified vehicles, including hybrids and plug-in hybrids, will continue, with one in four vehicles sold in the coming year expected to be electrified in some form.
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