Electric vehicle sales in the U.S. hit two big milestones in 2024 - setting records in both the fourth quarter and for the year.
According to Cox Automotive's Kelley Blue Book (KBB), EV sales surpassed 1.3 million units last year, a new record for both volume and share. A very strong fourth quarter helped- with U.S. EV sales jumping 15.2% year over year in Q4 to 365,824, a new volume record for any quarter.
Analysts attribute record EV sales to strong incentives from the automakers, excellent lease deals, and federal and state incentive programs currently in place. New vehicle offerings helped spur sales, too. Seventeen EV models were all-new to the market. Notable, General Motors and Honda Motor Co. together sold nearly 80,000 more EVs in 2024 than in 2023. Analysts says Hyundai Motor Group and Ford Motor Company also increased EV sales last year.
List of Top 10 EV Models in the U.S. in 2024
While the Tesla Model Y and Model 3 saw sales declines in 2024, they still continue to be best-selling electric vehicles in the U.S. by a long margin. Notably, the Honda Prologue, which had zero sales in 2023, was No. 7 on the best-selling list for 2024, marking up more than 33,000 sales in its first year.
- Tesla Model Y
- Tesla Model 3
- Ford Mustang Mach-E
- Hyundai Ioniq 5
- Tesla Cybertruck
- Ford F-150 Lightning
- Honda Prologue
- Chevrolet Equinox
- Cadillac Lyriq
- Rivian R1S
To read more insights on Cox Automotive, click here.
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