Source: EV Market Dashboard
After a slow start to 2024, electric vehicle (EV) sales surged to a record high by year’s end.
A record 154,000 light-duty EVs were sold in the United States in December 2024 – up nearly 17 percent from December 2023 (132,000 sales). EVs accounted for 12 percent of all light-duty vehicle sales this month, also a record. Of the total light-duty EVs sold in December, 80 percent were battery-electric vehicles, while the other 20 percent were plug-in hybrid electric vehicles.
With December sales now in, the full picture of 2024 is clear. Below are three key data stories from the year.
Nearly 1.5 million light-duty EVs were sold in the U.S. in 2024.
The nearly 1.5 million light-duty EVs sold surpassed 10 percent of all auto sales for the first time and set a record for annual light-duty EV sales. Light-duty sales in 2024 grew 7.3 percent, up from nearly 1.4 million in 2023.
The five top-selling light-duty EV models in 2024 include:
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Tesla Model Y: 378,758 sales
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Tesla Model 3: 158,848 sales
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Jeep Wrangler: 56,641 sales
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Ford Mustang Mach-E: 52,785 sales
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Hyundai Ioniq 5: 45,463 sales
In addition, 27 new light-duty EV models became available and posted sales in 2024, offering consumers a range of options in a market that is quickly growing. As of the end of 2024, light-duty EV models grown 146 percent from 2019, from 76 to 187 models available in the United States.
Non-Tesla automakers are increasing their EV market share.
Non-Tesla light-duty EV sales increased 23 percent from 2023 to 2024, rising from 735,000 to 907,000 sales. In contrast, Tesla sales fell 11 percent in 2024 fell – one of the few times the market leader reported a decreased year-over-year share of EV sales. Despite this decline, Tesla continues to lead in the light-duty EV market overall.
Meanwhile, other automakers, such as Hyundai Motor Group and General Motors (GM), saw significant growth. In 2024, Hyundai captured 10.1 percent of the EV market, selling nearly 150,000 light-duty vehicles and grabbing the number two spot after Tesla. Its top-selling models — the Ioniq 5 and EV6 — may soon qualify for the $7,500 tax credit as the company shifts production plans to the U.S. While the credit’s availability remains uncertain under the Trump Administration, it positions Hyundai for a competitive advantage as it scales up EV sales, nonetheless.
GM had a strong finish to the year and sold nearly 91,000 light-duty EVs in 2024, a record for the company. Much of this success can be attributed to the Cadillac Lyriq, which reported nearly 30,000 sales – up 245 percent from 2023. The Chevrolet Equinox EV and Blazer EV also performed well, with 28,000 and 24,000 sales, respectively, highlighting the success of GM’s SUV EV lineup. In a letter to shareholders, GM announced that its EV portfolio turned “variable profit positive” in Q4 2024, marking a key milestone for the company.
The medium- and heavy-duty (MDHD) electric vehicle market is rapidly growing.
In addition to light-duty vehicles, nearly 124,000 MDHD (class 2b-8) EVs were sold in 2024 – up nearly 115 percent from almost 58,000 sales 2023. Rivian led the MDHD EV market with a 39 percent share in 2024, followed by Tesla, whose Cybertruck and Semi together accounted for 33 percent of MDHD EV sales. MDHD EV models are becoming more widely available in the market. Since 2019, MDHD EV models have risen 445 percent, increasing from 11 to 60 models, pointing to the rapid expansion of this segment of the EV market.
Explore the rest of our sales data on our EV Market Dashboard.
