Subscribe to our daily updates from CleanTechnica or keep up with us on Google News!
Quarterly Review of Electric Vehicle Sales in the U.S.
The latest report on electric vehicle sales in the United States is here, revealing that battery electric vehicles (BEVs) made up 7.0% of total auto sales during the third quarter of 2024, a slight decline from 7.4% in Q2 2024. However, when analyzing trends compared to previous years, particularly Q3 2022, several noteworthy patterns emerge.
Year-on-Year Growth Insights
The accompanying graph highlights a continued upward trajectory in overall EV sales year over year. The data is clear: EV sales increased significantly each third quarter when compared annually; Tesla reported improved figures for the first time this year and non-Tesla vehicle sales also reflected growth in Q3.
Despite a slowdown relative to earlier expectations for growth throughout 2024, it remains important to note that electric vehicle sales are increasing overall—from where they stood last year and even more so compared with two years ago.
Dramatic Increases Over Previous Years
Diving deeper into the numbers reveals an encouraging narrative: there was an impressive increase of approximately 8% in EV sales compared to last year’s third quarter and a staggering rise of about 67% when juxtaposed against figures from Q3 2022.
This translates into an actual volume increase exceeding 24,000 vehicles sold since last year and over an astounding uptick exceeding 137,000 units since two years prior.
A Closer Look at Brand Performance
Tesla’s Continued Dominance in the US EV Market
!US EV Market Share Q3 2024
Overview of Tesla’s Share
Tesla maintains a commanding presence in the United States electric vehicle (EV) market, showcasing an impressive but gradually waning share. Although its market proportion has dipped below 50%, it remains significantly larger than that of any competing automaker when combined. This situation reflects a marketplace that is still maturing, challenging the notion of an equitable playing field among various brands.
As more automakers release competitive models with enhanced specifications and value propositions, it’s anticipated that Tesla’s share will further decline. While some analysts predict a rebound for Tesla, enabling it to reclaim over 50% of the market share temporarily, I contend this resurgence will be short-lived. The long-term trajectory indicates a continual drop from its previous dominance of approximately 80% to under half of the current US EV landscape.
Rankings Among Competitors
When analyzing other automotive manufacturers striving for greater visibility in this sector, Ford currently ranks second with only a marginal lead—about one percentage point or approximately 4,000 vehicles—over Chevrolet in third place. Rivian also stands out as an emerging player poised for growth as it introduces more budget-friendly options into its lineup.
Hot on Rivian’s heels are Hyundai and Kia, which consistently roll out attractive electric models that captivate consumers’ attention. Surprisingly stepping into the spotlight is Honda with its new offerings like the Honda Prologue—an SUV growing increasingly recognized on roads today.
!US EV Sales by Auto Group Q3 2024
!Share of US EV Market by Auto Group Q3 2024
Performance Analysis by Auto Groups
Examining sales metrics through auto groups provides additional insight into industry dynamics; here too, Tesla remains firmly at the top as it lacks sub-brands to dilute its standing. Meanwhile, General Motors has managed to leap into second place thanks to consolidated operations under Chevrolet, Cadillac, GMC, and BrightDrop—a collective effort yielding substantial sales figures.
Hyundai-Kia occupies another prominent spot due to their intricate corporate linkages allowing them to perform as one entity despite their diverse brand identities—including luxury models such as Genesis—which can elevate total sales numbers significantly.
Conversely, Ford finds itself relegated to fourth place since there are no sister brands providing support within their electrified segment—and Honda astonishingly ascends rapidly up the rankings following intensive investment in electric technologies. They have reached just above one vehicle per state with an initial count reaching upwards of fifty-nine units shipped beyond Rivian.
The thrilling developments within these ranks set high expectations for future quarters!
Stay updated; detailed reports on US EV sales performance will be released soon!
Support independent cleantech journalism that contributes significantly towards expediting advancements in sustainable technology! Consider contributing monthly support!
If you have insights or wish to advertise or propose guests for our CleanTech Talk podcast series — reach out! Also consider subscribing daily or weekly based on your preference—we aim at delivering imperative cleantech news directly catered around you!
