Sales of all-electric vehicles and hybrid models in the U.S. reached 20% of new car and truck sales for the first time last year, a significant milestone for “green” vehicles. However, this growth occurred at a slower pace than initially expected. Motor Intelligence data reveals that over 3.2 million “electrified” vehicles were sold in the previous year, comprising 1.9 million hybrid vehicles, including plug-in models, and 1.3 million all-electric models.
While traditional vehicles with internal combustion engines still dominated sales, accounting for 79.8%, this marked the first time in modern automotive history that they fell below 80%. In terms of pure EV sales, Tesla remained a key player, although its market share decreased to around 49% from 55% in 2023. The Tesla Model Y and Model 3 were identified as the top-selling EVs in 2024.
Hyundai Motor, including Kia, followed Tesla in EV sales with a 9.3% market share, trailed by General Motors at 8.7%, and Ford Motor at 7.5%. BMW rounded out the top five with a 4.1% share. The U.S. EV market is fiercely competitive, with 24 out of 68 mainstream EV models tracked by Cox’s Kelley Blue Book showing year-over-year sales growth, 17 models being new to the market, and 27 experiencing a decline in sales.
The future of all-electric and plug-in hybrid electric vehicle sales remains uncertain, pending potential actions by the incoming Trump administration. Currently, federal subsidies of up to $7,500 support the purchase of these vehicles, a policy that President-elect Donald Trump may choose to eliminate. Cox Automotive predicts that 2025 will witness another record year for EV sales, accounting for approximately 10% of new vehicle sales. When including hybrids, the company anticipates that one in every four vehicles sold this year will be electrified.
