U.S. EV Sales Hit Another Record In Q3 2024: ‘10% Share Within Reach’

Normal Motors surpassed Hyundai Motor Group to change into America’s second-best-selling EV model, however the Korean automaker has offered extra year-to-date.
However Tesla continues to be within the no. 1 spot because the Cybertruck turns into the third best-selling EV in Q3.
New fashions, rising charging infrastructure and engaging lease offers proceed fueling EV adoption throughout the U.S. 

Electrical car gross sales hit a brand new document within the U.S. in Q3, pushed by engaging lease offers, financing provides and a rising urge for food for reasonably priced fashions amongst American automobile consumers. Regardless of all of the political noise round EVs and destructive headlines in monetary papers, automakers are having a second promoting their battery-powered vehicles.

In line with automobile buying and selling and market insights agency Cox Automotive, automakers offered an estimated 346,309 EVs within the third quarter, a 5% improve from the second quarter. EVs accounted for 8.9% of the entire auto gross sales—the best ever on document—marking a rise from 7.8% throughout the identical interval final 12 months.

“With enhancing infrastructure, way more selections, and wonderful offers available, the staff expects additional progress within the months forward,” Cox Automotive analysts wrote. “A ten% share is nicely inside attain.

Tesla Rebounds

Tesla rebounded after consecutive quarters of gross sales decline, thanks primarily to the Cybertruck and the refreshed Mannequin 3. The automaker’s gross sales had been up 6.6% 12 months over 12 months within the third quarter because the Cybertruck is now the third best-selling electrical automobile within the U.S. behind the Mannequin Y and the Mannequin 3.

Tesla delivered 16,692 models of the stainless-steel trapezoid in Q3 as its manufacturing ramps up at Gigafactory Texas. It has left its rivals within the mud. By comparability, Ford offered simply 7,162 models of the F-150 Lightning, the second-best-selling electrical truck within the U.S.

The refreshed Mannequin 3 climbed almost 10%, going from 53,241 models in Q3 2023 to 58,423 in This autumn 2024, which exhibits that EV consumers are nonetheless warming as much as newer and extra fashionable Teslas. However, the getting old Mannequin Y noticed its gross sales drop by 9.1%, lowering from 95,539 in Q3 2023 to 86,801 in Q3 2024.

Nonetheless, the Mannequin Y stays the best-selling EV in the marketplace in the present day.

GM Shines, Honda Surprises

Normal Motors additionally pulled a significant electrical comeback within the third quarter. It is now America’s second best-selling EV model behind Tesla, forward of the Hyundai Motor Group and Ford which fell into the third and fourth spots.

GM’s EV deliveries elevated 60% 12 months over 12 months and 46% in comparison with the earlier quarter. After getting slowed down by software program points and manufacturing challenges final 12 months, GM EVs are a vivid spot in its total auto gross sales, which had been down 2.2% in Q3.

The Equinox EV is now GM’s best-selling mannequin, with 9,772 models offered in Q3, whereas GM delivered almost 8,000 models of the Blazer EV.

Cadillac continues to be the chief amongst premium manufacturers, with its EVs outselling all fashions from BMW, Mercedes-Benz, Audi and Lexus. Gross sales of the Cadillac Lyriq alone are up 281% since final 12 months.

Honda can be rising as a promising contender on this house. It offered 12,644 models of the Prologue whereas Acura offered 2,646 ZDXs, each of that are primarily based on GM’s Ultium platform. Which means the Prologue outsold each the Equinox and the Blazer, GM’s prime two EVs.

Hyundai Motor Group Is Nonetheless The 12 months-To-Date Champion (After Tesla, Of Course)

However whereas GM rose to second place after Tesla with its Q3 gross sales, because the Hyundai Motor Group’s manufacturers’ gross sales had been “usually flat 12 months over 12 months at 29,609,” the Korean conglomerate has nonetheless offered extra EVs this 12 months than GM. When Hyundai, Kia and Genesis gross sales are mixed, the group moved 89,589 EVs on the shut of the third quarter. GM’s manufacturers—Chevrolet, Cadillac, GMC and the BrightDrop business van unit—noticed gross sales of 70,450 EVs this 12 months at September’s finish. 

It is unclear why the Hyundai Motor Group’s gross sales noticed a flat quarter in Q3, though some consumers might be ready for U.S.-made fashions like the brand new 2025 Hyundai Ioniq 5. Along with qualifying for tax credit at buy and never simply with a lease, that automobile may also come outfitted from the manufacturing facility with a Tesla-style North American Charging Customary (NACS) plug.

Nonetheless, it is going to be fascinating to see whether or not GM or Hyundai can shut out this 12 months because the non-Tesla EV gross sales chief. (And had GM saved the Chevrolet Bolt round this 12 months, this race wouldn’t have even been shut.) 

By the tip of Q3, Tesla had offered 493,513 EVs, making it nonetheless far and away the U.S. electrical gross sales chief.

Lease Offers Gas Progress

Not all of this progress was fully natural. Lease offers, reductions and tax credit helped automakers get these fashions off the heaps. As of July 2024, the {industry} leasing common was 22.2% whereas a whopping 42.7% of all EVs offered had been leased.

Leasing stays fashionable as a result of consumers can receive tax credit on the level of sale whatever the mannequin. Which means lease provides should not restricted by battery sourcing and manufacturing necessities the way in which buying choices are.

Buying stays costly as the typical transaction value for EVs is over $57,000 in comparison with the industry-wide ATP of round $48,000. That is why for a rising variety of consumers, the leasing and financing choices make sense.

Cox Auto famous that whereas the offers and incentives are a giant a part of the expansion, so is the increasing number of EVs and improved charging infrastructure. With 1,000 new chargers added each week within the U.S. and Tesla’s Supercharger community progress again on monitor, consumers are discovering that going electrical is an entire lot simpler in comparison with a 12 months in the past.

“Whereas year-over-year progress has slowed, EV gross sales within the U.S. proceed to march greater,” stated Stephanie Valdez Streaty, Director of Business Insights at Cox Automotive. “The expansion is being fueled partially by Incentives and reductions, however as extra reasonably priced EVs enter the market and infrastructure improves, we are able to anticipate even larger adoption within the coming years.”

Contact the writer: suvrat.kothari@insideevs.com