- 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 robust gross sales of non-plug-in hybrids.
- EV gross sales yr over yr are nonetheless up in comparison with 2023.
Though People 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 reputation of non-plug-in hybrids, which made up 10.8% of the whole U.S. LDV market. The Vitality Info Administration (EIA) says it is a new file.
Tesla nonetheless holds practically half of the market (48.8%), adopted by Normal 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 have been made in North America, 7.3% got here from South Korea, and 5.3% have been German-made.
Picture by: US Vitality Info Administration
This enormous 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 have been tightened for 2024, making the listing of eligible EVs a lot shorter (and it may get even shorter). They now must be made within the U.S., with battery parts and minerals sourced solely from sure locations—they will’t come from China, for example. After all, all of those restrictions don’t apply to automobiles which might be leased attributable to a loophole within the laws.
Most EVs bought in Q3 (70.7%) have 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 common worth of a brand new EV earlier than incentives in Q3 was $56,351, or 16% increased than the nationwide common.
If we simply have a look at gross sales numbers, extra EVs have been delivered within the U.S. this yr than in 2023. Over 346,000 EVs have been bought by the third quarter of 2024, a rise of 5% over 2023. EVs accounted for 8.9% of all new automobiles bought, a rise from 7.8% final yr.
Ford is in fourth place for the variety of EVs bought this yr in America, nevertheless it could possibly be choosing up the tempo after a record-breaking November when gross sales amounted to 11,000 items (21% up year-over-year). It was truly second behind Tesla final month, though one good month alone wasn’t sufficient to maneuver it into the highest three.
Honda additionally had robust gross sales towards the tip of the yr, promoting greater than 6,800 Prologues in November, marking a 66% rise over October. The GM-built Prologue bought over 25,000 items from January by November, putting it among the many nation’s high 5 best-selling EVs.
Some automakers appear to have caught some further gross sales wind because the yr attracts to a detailed. It is going to be fascinating to see the end-of-year information, on condition that this was broadly thought to be a yr 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 may also be one to be careful for on the EV scene.
