U.S. Electric and Hybrid Vehicle Sales Reach Record High in 3Q24

News Asia 360

The U.S. market for electric and hybrid vehicles continues to surge, with sales reaching a record 21.2% of total new light-duty vehicle (LDV) sales in the third quarter of 2024 (Q3’24), up from 19.1% in the second quarter, according to EIA.gov. This growth highlights the increasing adoption of sustainable transportation options across the country.

Driving the Growth
Battery electric vehicles (BEVs) led the charge, with their share of the LDV market rising from 7.4% in 2Q24 to 8.9% in 3Q24. Hybrid vehicles also saw a boost, reaching a record 10.6% share. These numbers underscore the growing consumer interest in cleaner alternatives to traditional internal combustion engine vehicles.

BEVs remain particularly popular in the luxury segment, comprising 35.8% of luxury LDV sales in 3Q24. However, their dominance in the luxury market has been declining as non-luxury BEV sales grow. In 3Q24, 70.7% of BEVs sold in the U.S. were luxury vehicles, while only 10.3% of hybrid vehicle sales came from luxury models.

Tesla’s Dominance and Competition
Tesla remains the leader in the BEV market with a 48.8% share, maintaining its position despite dropping below 50% for the second consecutive quarter. The Tesla Model Y and Model 3 continued to dominate sales, while the introduction of the Tesla Cybertruck significantly boosted the company’s numbers, outselling competitors like the Rivian R1S, Ford F-150 Lightning, and Chevy Silverado EV.

Ford held onto the second-largest BEV market share at 6.9%, though this was down from 7.9% in 2Q24. Chevrolet made significant strides, claiming the third-largest share at 5.8%, thanks to the launch of the Equinox and strong sales of the Blazer.

Production and Tax Incentives
The majority (78.9%) of BEVs sold in the U.S. during 3Q24 were produced in North America, followed by 7.3% from South Korea and 5.3% from Germany. However, domestic production alone does not guarantee eligibility for the clean vehicle tax credits outlined in the Inflation Reduction Act. To qualify, manufacturers must meet strict requirements related to assembly, battery components, and critical minerals.

Vehicles that do not meet these requirements for purchase incentives may still qualify for tax credits under leasing arrangements, making EV leasing an attractive option for many consumers.

The Road Ahead
With BEVs and hybrids capturing over 20% of the market, the U.S. is steadily transitioning toward sustainable transportation. As manufacturers ramp up domestic production and introduce new models, the competition in the EV market will continue to intensify, benefiting consumers with more choices and potentially lower prices.

Photo: duallogic

Leave a Reply

Europe’s Cold Shoulder to American Wheels Most folks around the globe, at some point, find themselves needing or wanting a...
car-stuck
I have always been captivated by cars: their raw power, precision engineering, and the relentless pursuit of speed. But beyond...
IMG_7168
During TAS 2025 week, the Peaches Underground Tokyo meet returned for another year of brain-melting quality and infinite variety. However,...
200-Cars-2500-Spectators-The-2025-Underground-Tokyo-Meet
Ford CEO Jim Farley isn’t sugarcoating things—Trump’s proposed 25% tariffs on Canada and Mexico could wreak havoc on the U.S....
Ford_Mustang_GT_20.5.2017_2
Toyota has issued a massive recall affecting more than 140,000 of its Toyota and Lexus vehicles due to safety concerns,...
recall-img-top
If you thought Monday mornings were rough, try being a Japanese or South Korean automaker today. Shares of major car...
FINAL-SelfParkingGettyImages-591657185
Shares of Japanese automakers and South Korean battery manufacturers tumbled on Tuesday, following comments from U.S. President Donald Trump suggesting...
toyota_20motomachi_plant_2018_002
BMW of North America achieved a historic milestone in 2024, closing the year with record-breaking sales of 371,346 vehicles in...
BMW
India’s electric car market achieved a significant milestone in 2024, recording 99,004 electric car sales, according to the government’s Vahan...
portrait-of-indian-woman-sitting-in-a-car-2024-09-23-06-39-10-utc
As a car enthusiast and someone who closely observes the auto industry, the recent reports that Tesla has shelved plans...
IMG_3373
As a passionate car enthusiast who has spent years observing the automotive industry, the news of a potential Honda and...
IMG_3372
The Future of the Automotive Industry: Driving Towards a Greener World As a lifelong automotive enthusiast and someone deeply immersed...
IMG_3358