EV and hybrid gross sales are steadily rising within the US, reaching an all-time excessive in Q3 2024, in line with the US Vitality Info Administration (EIA).
In Q3, the mixed gross sales of hybrid, plug-in hybrid electrical automobiles (PHEVs), and battery electrical automobiles (BEVs) made up 19.6% of all new light-duty automobile gross sales, in line with estimates from Wards Intelligence. That’s up from 19.1% in Q2, setting a brand new benchmark for the rising market share of electrified automobiles.
The expansion in Q3 was primarily pushed by hybrids. BEV gross sales barely dipped, with their share of the light-duty automobile market going from 7.4% in Q2 to 7.0% in Q3. In the meantime, hybrids now account for 10.8% of the market – a file excessive.
BEVs nonetheless reign within the luxurious phase, making up 35.8% of luxurious automobile gross sales in Q3 2024. Nevertheless, the luxurious share of BEVs is shrinking as extra inexpensive BEVs make their approach onto the market. In Q3, 70.7% of all BEVs bought within the US have been luxurious fashions – the bottom luxurious share since Q2 2017 – whereas solely 10.3% of hybrid automobiles bought fell into the luxurious class. BEVs nonetheless include a hefty price ticket: The common transaction worth for a brand new BEV was $56,351 on the finish of Q3, about 16% increased than the general common worth for brand new automobiles, in line with Cox Automotive.
Tesla remains to be the BEV king, however its crown is slipping. For the second consecutive quarter, Tesla’s market share dipped beneath 50%, coming in at 48.8%. The Mannequin Y and Mannequin 3 proceed to be main gross sales drivers, and Tesla additionally noticed a lift from the Cybertruck, which outsold all of its massive electrical truck opponents, together with the Rivian R1S, Ford F150 Lightning, and Chevy Silverado EV.
Ford nonetheless holds onto second place within the BEV market, although its share fell to six.9% in Q3 from 7.94% in Q2. Chevrolet, powered by the success of the brand new Equinox and Blazer fashions, moved into the third spot, changing Hyundai with a 5.8% market share.
A lot of the BEVs bought within the US at the moment are produced near residence. In Q3, 78.9% of BEVs bought within the US have been made in North America, with the remainder coming from international locations like South Korea (7.3%) and Germany (5.3%), based mostly on Wards Intelligence estimates.
The Inflation Discount Act’s clear automobile tax credit are additionally influencing the EV panorama. To qualify, producers want to fulfill home content material necessities not only for remaining meeting, but in addition for battery elements and significant minerals. It’s not so simple as simply constructing a automotive in North America.
Nevertheless, the necessities are looser for leased automobiles, which implies many EVs that don’t qualify for buy incentives do qualify for lease incentives underneath the business clear automobile credit score, giving customers extra choices to get behind the wheel of an EV.
Nevertheless, modifications to the federal EV tax credit score beginning January 1, 2025, are anticipated. Joel Levin, govt director of Plug In America, stated final month:
Now we have no approach of understanding what’s going to occur underneath a brand new administration and new Congress.
So for those who’re fascinated by getting a brand new or used EV, now is a superb time for each. There are such a lot of fashions available on the market, and customers can usually stack incentives from states, municipalities, and utilities on high of the federal EV tax credit score, which gives an amazing deal for automotive patrons.
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