US EV Sales Explode in Q4, Reaching a Record 1.3 Million

On January 13, 2025, Cox Automotive reported astounding gains in EV sales in America, despite many lingering barriers to EV adoption. In 2024, the U.S. electric vehicle (EV) market saw a significant rise in sales, driven by strong consumer incentives, automaker promotions, and government subsidies. According to Cox Automotive’s Kelley Blue Book, sales grew by 15.2% year-over-year in the fourth quarter, reaching 365,824 units, setting a new quarterly record. The full year of 2024 saw 1.3 million EVs sold, marking a 7.3% increase from 2023.

Key factors behind this growth included attractive new models, particularly from General Motors and Honda, which together accounted for an additional 80,000 EV sales compared to 2023. Hyundai and Ford also saw notable increases in sales. On the other hand, Tesla’s sales declined by over 37,000 units from the previous year, while Volkswagen and Mercedes-Benz also experienced lower sales in 2024 compared to the year before.

This trend highlights a shift in the competitive landscape, with established automakers like GM and Honda making significant strides in EV sales, while Tesla faced increasing competition.

The U.S. electric vehicle (EV) market remains highly competitive, mirroring the dynamics seen in China and Europe. According to Kelley Blue Book, among the 68 mainstream EV models tracked, 24 experienced year-over-year sales increases, while 17 were all-new models to the market. However, 27 models saw declines in sales, including discontinued models such as the Chevrolet Bolt and Mazda MX-30.

Notably, both of Tesla’s key models, the Model Y and Model 3, experienced significant sales declines. In contrast, the Ford Mustang Mach-E emerged as the best-selling EV not produced by Tesla, followed by the Hyundai Ioniq 5. The Tesla Cybertruck ranked fifth, ahead of the Ford F-150 Lightning, indicating growing competition in the pickup truck segment.

A standout performance came from the Honda Prologue, which went from having no sales in 2023 to ranking seventh on the list of best-selling EVs in 2024, with more than 33,000 units sold in its debut year.

The U.S. electric vehicle (EV) market continues to experience steady growth, with more than 2.5 million EVs sold over the past 48 months. In 2023, revised sales figures showed 1,212,758 EVs were sold, representing a 49% increase from 2022. In 2024, sales rose to 1,301,411 units, a 7.3% increase, making up 8.1% of total new vehicle sales, up from 7.8% in 2023. While the growth rate has slowed, sales volume continues to rise, with more than 700,000 EVs sold in the second half of 2024, accounting for 8.7% of total new-vehicle sales.

Cox Automotive projects further growth in 2025, with over 15 new EV models expected to launch and improvements in charging infrastructure. This, coupled with ongoing automaker incentives, could push EVs to nearly 10% of the total market share. Although policy changes in Washington could affect future growth, these would likely take time to implement, allowing consumers to continue adopting EVs in the meantime.

Cox expects 2025 to set another record for EV sales, with one out of every four vehicles sold being electrified in some way, whether hybrid, plug-in hybrid, or fully electric. The market’s shift toward electric vehicles, driven by advancements in battery technology, shows no signs of slowing down, and more EVs are set to hit American roads in the years ahead.

EVinfo.net predicted the rise of GM, Honda, and Ford to selling in greater numbers, and we expect this trend to continue. We’ve proven EV critics wrong, by also predicting higher EV sales. Who will win as the new number one EV seller in America? It’s hard to say at this point, but stay tuned.

EVinfo.net heartily recommends all of GM’s, Ford’s, and Hyundai’s EVs.