Source: Q3 Quarterly Review
Last month, we released our Q3 Quarterly Review, highlighting key electric vehicle (EV) policy and market developments from July, September, and October 2024. As a reminder, our quarterly reviews of the EV market compile the most important updates we’re tracking on the EV Hub, along with our own insights, into an easy-to-navigate slide deck. Below are three stories from Q3 2024.
First, nearly 377,000 light-duty EVs were sold in Q3 2024, making up a 10.2 percent national market share. Notably, nearly 80 percent of total light-duty EV sales were made up of battery-electric vehicles (BEVs). Leading the market were Tesla, Hyundai, General Motors, Ford, and Toyota. While Tesla’s sales saw a 12 percent decline from Q3 2023, non-Tesla sales increased by 15 percent, reflecting an increasingly competitive landscape. On the state level, 14 states exceeded a 10 percent EV market share, led by Colorado (27 percent) and California (24 percent). Utah became one of the newest states to surpass the 10 percent threshold for the first time.
Next, seven states awarded nearly $79 million in NEVI funding during Q3 2024, including Alabama, Arizona, Illinois, Maryland, Minnesota, North Carolina, and Pennsylvania. Illinois awarded the most funding during this term, awarding approximately $25.3 million for 37 chargers. Alabama awarded approximately $11.2 million for 13 stations and an EV workforce training program, becoming one of the first states to allocate NEVI funds for workforce development. Moreover, four states opened NEVI charging stations in Q3, including Ohio, Pennsylvania, Kentucky, and Rhode Island. With two station openings, Rhode Island became the first state to complete its Phase 1 of its NEVI program and achieve fully built out status.
Finally, automakers announced nearly $3.9 billion in EV and EV battery manufacturing investments in the United States during Q3. Stellantis led these efforts with a $1.5 billion investment in July 2024 to retool an EV assembly plant in Belvidere, Illinois, which is expected to create up to 1,500 jobs. Since the signing of the Inflation Reduction Act in August 2022, approximately $97 billion in private sector investments have been announced for domestic EV manufacturing. Additional details on these investments can be explored on the EV Jobs Hub.
View the complete Q3 EV market review here.
