U.S. electric vehicle (EV) sales reached a record 1.3 million units in 2024, up 7.3 percent from the previous year, as nearly every major automaker introduced new EV models.
Kelley Blue Book (KBB) estimates that fourth-quarter EV sales reached 365,824 units, a 15% increase from 2023. More than 2.5 million EVs have been sold in the U.S. over the past four years. EVs now account for 8.1% of total auto sales, up slightly from 7.8% in 2023.
Tesla’s Model Y and Model 3 maintained dominance in the U.S. market in 2024, capturing over 40% of total EV sales. The Model Y sold 370,000 units, while the Model 3 moved 190,000 units.
The Ford Mustang Mach-E secured third place with 51,745 units sold, representing a 4% market share. Since its launch, this was its best quarterly performance, making it the top-selling non-Tesla EV in 2024. Hyundai’s Ioniq 5 came in fourth, selling 44,400 units and closely trailing Ford. The Tesla Cybertruck rounded out the top five with 38,965 units sold (3% market share), followed by the Ford F-150 Lightning (33,510 units, 2.6%), Honda Prologue (33,017 units, 2.5%), Chevrolet Equinox EV (28,874 units, 2.2%), Cadillac Lyriq (28,402 units, 2.2%), and Rivian R1S (26,934 units, 2.1%).
The Hyundai Ioniq 5 saw impressive growth in 2024, with sales of 44,400 units representing a 31% increase from 2023. The new 2025 model, produced at Hyundai’s Georgia plant, became eligible for the $7,500 federal tax credit, which significantly boosted sales and sales.
A Hyundai spokesperson said, “We’re building two additional battery cell plants in Georgia. The Bryan County facility, with the partnership of LG Energy Solution, will begin operations by year-end. By increasing local production of our EVs, including the Ioniq 5, we aim to quickly capture market share as demand surges in the post-EV adoption gap period.”
Honda and General Motors have also rapidly increased their market share with their new model launches. KBB reports that the Honda Prologue and GM’s new electric models received positive performance evaluations, driving their growth. U.S. sales for GM and Honda were about 80,000 units higher than in 2023.
The U.S. EV market is poised for continued growth in 2025, with over fifteen new electric models expected to launch. Expanding charging infrastructure and strong incentive policies are projected to boost EV market share by two percentage points compared to last year.
