The electrical and hybrid segments had an distinctive yr in 2024 and achieved a report 20% share of auto gross sales within the U.S. market.
In line with Motor Intelligence, an auto information agency, a staggering 3.2 million “electrified” autos had been bought final yr. 1.9 million had been hybrid, together with plug-in fashions and autos, and 1.3 million had been totally electrical.
Notably, there was a decline in inner combustion engine (ICE) autos, dropping to 79.8% of the market, the first-ever recorded dip under 80%.
Though Tesla misplaced some market share, it stays the top-selling EV within the U.S. In 2024, the automaker’s EV market share was 49%, down from 55% in 2023. Its top-selling fashions had been the Mannequin Y and Mannequin 3.
Regardless of Tesla’s dominance out there, competitor manufacturers are lastly beginning to achieve some traction. Hyundai, together with sister Kia, snatched up 9.3% of the EV market share; Common Motors landed 8.7%; Ford 7.5%; and BMW 4.1%.
Of the 68 EV fashions tracked by Kelley Blue E-book, 24 had year-over-year development; 17 had been brand-new to the market and 27 had decreased quantity.
Nevertheless, there are just a few roadblocks and uncertainties alongside the way in which. Traditionally, the GOP has displayed skepticism concerning electrical autos and withheld help from electrification initiatives. This pattern is more likely to proceed because the incoming Trump administration considers nixxing the $7,500 federal tax credit score for EV purchases.
Nevertheless, regardless of the mounting challenges, there’s no denying that EVs are right here to remain. Cox Automotive’s Chief Economist, Jonathan Smoke, well-renowned for his insightful trade predictions, forsees that EVs will proceed to develop in 2025 and obtain one other record-breaking yr.
