US 2024 EV sales - Tesla holds on to the top spot, but the EV race is tightening

The EV market continues to grow, with 2024 seeing a record 8.1% of new car purchases in the US being all-electric. That's 1.3 million EVs sold, or 7.3% more than the previous year. While Tesla remains the dominant player, other automakers are slowly closing in, leading to increased competition in the EV space.

The most interesting trend in 2024 was the rise of Hyundai. The brand secured the second position in US EV sales, trailing only Tesla. This is largely thanks to the very popular Hyundai Ioniq 5, which earned a lot of praise for its design, technology, and range. The Ioniq 5's native Tesla-style NACS plug and US production, which allows it to qualify for EV tax credits, have further contributed to its strong sales performance.

General Motors also demonstrated a strong commitment to EVs in 2024, with the Chevrolet Equinox and Cadillac Lyriq making it to the top 10 best-selling EVs list. The Honda Prologue, a new entrant in the EV market, also proved to be a surprise hit.

Tesla managed to maintain its position as the leading EV seller in the US. Both the Model Y and Model 3 continued to be popular choices among consumers, with their combined sales exceeding those of any other EV model by a wide margin. Tesla's overall sales volume declined slightly in 2024, suggesting that the company is not immune to the growing competition.

Ford also solidified its presence with the Mustang Mach-E and F-150 Lightning. The Mach-E has consistently ranked among the top-selling EVs, and since it can use the Tesla Supercharger network, its appeal improved. The F-150 Lightning has also gained traction, although it was outsold by the Tesla Cybertruck in 2024.

Rivian continued to make good progress with its R1S, which secured a spot in the top 10 best-selling EVs. Despite facing production challenges, Rivian managed to increase its sales in 2024, proving the demand for its electric vehicles is growing.

Looking ahead, the EV market is expected to continue its growth trajectory, with analysts predicting that one in four vehicles sold in 2025 will be electrified in some way.

Source