- EVs’ share of the U.S. light-duty automobile market dropped from 7.4% in Q2 to 7% in Q3.
- Mixed gross sales of electrified automobiles elevated, due to sturdy gross sales of non-plug-in hybrids.
- EV gross sales 12 months over 12 months are nonetheless up in comparison with 2023.
Though Individuals purchased extra new electrical automobiles within the third quarter of 2024 than within the earlier quarter, EVs had a decrease share of the light-duty automobile (LDV) market in Q3. Their share dropped from 7.4% in Q2 to 7% in Q3. Nonetheless, gross sales and market share are each up over Q3 2023.
The general share of electrified automobiles (hybrids, plug-in hybrids and EVs) elevated ilast quarter, helped by the surge in recognition of non-plug-in hybrids, which made up 10.8% of your complete U.S. LDV market. The Power Data Administration (EIA) says it is a new file.
Tesla nonetheless holds practically half of the market (48.8%), adopted by Common Motors, Hyundai and Ford. The EIA additionally quotes info from Wards Intelligence, which says 78.9% of all EVs purchased within the U.S. in Q3 had been made in North America, 7.3% got here from South Korea, and 5.3% had been German-made.
Picture by: US Power Data Administration
This big share of American-made EVs is a direct results of the Inflation Discount Act, which modified the necessities for EVs to qualify for the $7,500 federal tax credit score. Earlier than, most EVs bought within the U.S. certified for the total credit score. However the necessities had been tightened for 2024, making the record of eligible EVs a lot shorter (and it might get even shorter). They now should be made within the U.S., with battery elements and minerals sourced solely from sure locations—they’ll’t come from China, for example. In fact, all of those restrictions don’t apply to automobiles which might be leased as a result of a loophole within the laws.
Most EVs bought in Q3 (70.7%) had been luxurious fashions, which continues to be rather a lot, however the EIA says it’s the bottom degree recorded since Q2 2017. That is as a result of the info considers Tesla a luxurious producer, and the corporate nonetheless accounts for round half of all EVs bought. Plus, there’s an acute lack of reasonably priced EVs within the U.S., so the typical value of a brand new EV earlier than incentives in Q3 was $56,351, or 16% greater than the nationwide common.
If we simply have a look at gross sales numbers, extra EVs had been delivered within the U.S. this 12 months than in 2023. Over 346,000 EVs had been bought via the third quarter of 2024, a rise of 5% over 2023. EVs accounted for 8.9% of all new vehicles bought, a rise from 7.8% final 12 months.
Ford is in fourth place for the variety of EVs bought this 12 months in America, nevertheless it could possibly be selecting up the tempo after a record-breaking November when gross sales amounted to 11,000 models (21% up year-over-year). It was really second behind Tesla final month, though one good month alone wasn’t sufficient to maneuver it into the highest three.
Honda additionally had sturdy gross sales towards the tip of the 12 months, promoting greater than 6,800 Prologues in November, marking a 66% rise over October. The GM-built Prologue bought over 25,000 models from January via November, inserting it among the many nation’s high 5 best-selling EVs.
Some automakers appear to have caught some further gross sales wind because the 12 months attracts to a detailed. It will likely be attention-grabbing to see the end-of-year information, on condition that this was broadly considered a 12 months when EV gross sales cooled, primarily affected by excessive costs and the stricter federal tax credit score guidelines. With a brand new president who’s much less pleasant towards EVs and international imports than his predecessor, 2025 can even be one to be careful for on the EV scene.
