- 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 reputation of non-plug-in hybrids, which made up 10.8% of your complete U.S. LDV market. The Vitality Data Administration (EIA) says this can be a new document.
Tesla nonetheless holds practically half of the market (48.8%), adopted by Basic 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.
Photograph by: US Vitality Data Administration
This large 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 record of eligible EVs a lot shorter (and it might get even shorter). They now need to be made within the U.S., with battery elements and minerals sourced solely from sure locations—they will’t come from China, as an illustration. In fact, all of those restrictions don’t apply to automobiles which can be leased because of a loophole within the laws.
Most EVs bought in Q3 (70.7%) have been luxurious fashions, which remains to be lots, however the EIA says it’s the bottom stage recorded since Q2 2017. That is as a result of the information considers Tesla a luxurious producer, and the corporate nonetheless accounts for round half of all EVs bought. Plus, there’s an acute lack of inexpensive EVs within the U.S., so the typical worth of a brand new EV earlier than incentives in Q3 was $56,351, or 16% greater than the nationwide common.
If we simply take a look at gross sales numbers, extra EVs have been delivered within the U.S. this 12 months than in 2023. Over 346,000 EVs have been bought by means of 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, but it surely may very well 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 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 items from January by means of November, putting it among the many nation’s prime 5 best-selling EVs.
Some automakers appear to have caught some additional gross sales wind because the 12 months attracts to a detailed. It will likely be attention-grabbing to see the end-of-year information, provided that this was extensively thought to be 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 will even be one to be careful for on the EV scene.
