EV Surge: U.S. Electric Vehicle Sales Hit Record High in 2024

The U.S. automotive industry reached a historic milestone in 2024, setting a new record for electric vehicle (EV) sales with 1,301,411 units sold—a 7.3% increase compared to the previous year. A standout fourth quarter saw 365,824 EVs sold, marking a 15.2% year-over-year rise, according to Kelley Blue Book data from Cox Automotive.

Despite Tesla’s declining market share, the EV sector continued to thrive, driven by growing competition and innovative new models. Here’s a look at the top 10 bestselling EVs in the U.S. for 2024, their 2023 rankings, and year-over-year performance:

  1. Tesla Model Y: 372,613 units (-6.6%), maintaining its #1 spot.
  2. Tesla Model 3: 189,903 units (-17.4%), ranked 2nd.
  3. Ford Mustang Mach-E: 51,745 units (+26.9%), climbing to 3rd from 4th.
  4. Hyundai Ioniq 5: 44,400 units (+30.9%), up from 6th.
  5. Tesla Cybertruck: 38,965 units, debuting in 5th place.
  6. Ford F-150 Lightning: 33,510 units (+38.7%), moving up from 8th.
  7. Honda Prologue: 33,017 units, a new entry.
  8. Chevrolet Equinox: 28,874 units, another new entry.
  9. Cadillac Lyriq: 28,402 units (+210.3%), breaking into the top 10.
  10. Rivian R1S: 26,934 units (+23.4%), slipping from 7th.

Winners and Losers in 2024

Tesla remained the undisputed leader, selling 633,762 units in 2024 and commanding 48.7% of the market share. However, this represented a decline from 55% in 2023 and 65% in 2022, as competitors gained ground with diverse offerings. Tesla’s Model Y and Model 3 alone accounted for 28.6% and 14.6% of total EV sales, respectively, while the newly launched Cybertruck secured 5th place in its debut year.

Other automakers made significant strides:

  • Honda added 40,408 units with the launch of the Prologue.
  • General Motors gained 38,543 units, driven by the success of the Chevrolet Equinox and Cadillac Lyriq.
  • Hyundai posted an increase of 30,065 units, thanks to the Ioniq 5’s strong performance.
  • Ford added 25,257 units, with the Mustang Mach-E and F-150 Lightning enjoying substantial growth.

Ford emerged as the second-largest EV player in the U.S. with a 7.5% market share, followed by Chevrolet (5.2%), Hyundai (4.7%), and Rivian (4.0%). Notably, Rivian’s R1S witnessed higher sales but dropped from 7th to 10th as the market expanded with new entrants.

The Road Ahead

The U.S. EV market’s evolution underscores a broader shift toward sustainable transportation. As Tesla faces mounting competition, automakers like Honda, General Motors, and Ford are rapidly expanding their portfolios, aiming to capture a larger slice of this burgeoning market. With innovation at the forefront and new models on the horizon, 2025 promises even more excitement in the electric revolution.

Related Articles