EV and hybrid gross sales are steadily growing within the US, reaching an all-time excessive in Q3 2024, in keeping 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 keeping 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 report excessive.
BEVs nonetheless reign within the luxurious section, making up 35.8% of luxurious automobile gross sales in Q3 2024. Nonetheless, the luxurious share of BEVs is shrinking as extra inexpensive BEVs make their means onto the market. In Q3, 70.7% of all BEVs bought within the US had 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 value for a brand new BEV was $56,351 on the finish of Q3, about 16% increased than the general common value for brand new automobiles, in keeping with Cox Automotive.
Tesla continues to be the BEV king, however its crown is slipping. For the second consecutive quarter, Tesla’s market share dipped under 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 giant 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.
Many of the BEVs bought within the US at the moment are produced near residence. In Q3, 78.9% of BEVs bought within the US had been made in North America, with the remaining coming from international locations like South Korea (7.3%) and Germany (5.3%), primarily based on Wards Intelligence estimates.
The Inflation Discount Act’s clear automobile tax credit are additionally influencing the EV panorama. To qualify, producers want to satisfy home content material necessities not only for last meeting, but additionally for battery parts and demanding minerals. It’s not so simple as simply constructing a automotive in North America.
Nonetheless, 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.
Nonetheless, adjustments to the federal EV tax credit score beginning January 1, 2025, are anticipated. Joel Levin, government director of Plug In America, stated final month:
Now we have no means of figuring out what is going to occur underneath a brand new administration and new Congress.
So if you happen to’re enthusiastic about 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 typically stack incentives from states, municipalities, and utilities on prime of the federal EV tax credit score, which offers an important deal for automotive consumers.
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