December 2024 Update: According to a report from the U.S. Energy Information Administration, the combined market share of Hybrid Electric Vehicles (HEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Battery Electric Vehicles (BEVs) in the U.S. reached a record 19.6% in Q3 2024, up 0.5% quarter-over-quarter.
U.S. consumers are increasingly embracing EVs. Data from Kelley Blue Book reveals that BEV sales reached 346,309 units in Q3, an 11% year-over-year increase, representing 8.9% of total auto sales—a 1.1% annual gain. Cumulative BEV sales from January to September totaled 945,700 units, up 8.7% year-over-year.
Tesla: Still Dominating the EV Market
Tesla remains the unrivaled leader in the U.S. EV market, having sold over 5 million vehicles since 2008. In Q3 2024 alone, Tesla sold 166,923 EVs, and its sales for the first nine months totaled 471,374 units—securing an impressive 49.8% market share. The Model Y (284,831 units) and Model 3 (131,975 units) continue to lead Tesla’s sales success.
The Cybertruck also made a significant impact, with cumulative 2024 sales of 28,250 units, including 16,692 units sold in Q3. It is now the third-best-selling EV in the U.S., surpassing the combined Q3 sales of competitors like the Ford F-150 Lightning (7,162 units), Rivian R1T (3,817 units), and Chevrolet Silverado EV (1,995 units).
Despite Tesla’s dominance, its U.S. market share has declined from a peak of 70% in 2020 due to intensifying competition. To boost sales, Tesla has deployed strategies like price cuts and promotions, including offering three months of free Supercharging and Full Self-Driving (FSD) for purchases made by December 31, 2024.
Ford Rises to Second Place
Ford surged to second place in the U.S. BEV market, selling 67,689 units in the first nine months of 2024, a 45% year-over-year increase. Ford’s lineup includes the Mustang Mach-E, F-150 Lightning, and E-Transit electric van.
•The F-150 Lightning saw an impressive 86% year-over-year sales jump, reaching 22,807 units in 2024.
•The Mustang Mach-E, launched in 2021, has been a consistent performer. The 2025 model now includes a heat pump to improve battery efficiency and winter range, along with automated lane-change functionality in the latest Blue Cruise version. Starting at $36,495 (a $3,500 price cut from the previous version), it aims to challenge Tesla’s Model Y.
Ford reported $46 billion in Q3 revenue, up 5% year-over-year, marking its 10th consecutive quarter of growth. However, net profit fell by $300 million to $900 million due to substantial investments in electrification. The company’s Model e (electric vehicle) division reported a $1.2 billion operating loss for the quarter, contributing to a $2.5 billion loss in the first half of 2024.
In light of these challenges, CEO Jim Farley recently paused the development of a three-row electric SUV, signaling a more cautious approach to EV investments.
Chevrolet Slips in Rankings
Once the U.S. BEV market runner-up, Chevrolet, a General Motors (GM) brand, experienced a 19.5% year-over-year sales decline in the first nine months of 2024, with 39,851 units sold. This drop follows the discontinuation of the Bolt EV and Bolt EUV models at the end of 2023.
However, GM’s new Chevrolet Equinox EV has shown promise, with Q3 sales of 9,772 units. Priced as GM’s most affordable EV, it has become Chevrolet’s top seller. Alongside the Blazer (7,998 units) and Silverado EV (1,995 units), Chevrolet secured a 5.8% market share, reclaiming third place from Hyundai for the quarter.
Non-U.S. Brands See Mixed Results
•Volkswagen reported a 40% year-over-year decline, selling just 16,375 BEVs in the first nine months of 2024.
•Hyundai sold 43,627 units (+5.6% YoY), with its IONIQ 5 continuing to break sales records.
•Kia saw an 80.5% year-over-year surge, selling 41,326 units, led by its new three-row EV9 SUV.
•BMW and Mercedes-Benz both surpassed 30,000 units in U.S. BEV sales for the year.
From a group perspective, Hyundai Motor Group (Hyundai, Kia, Genesis) ranked second behind Tesla, selling 89,589 EVs in the first nine months. GM ranked third with 70,450 units, offering the broadest portfolio of 10 EV models, including the Cadillac Lyriq, Optiq, Escalade IQ, GMC Sierra EV, and Hummer EV (SUV and truck).
For more updates, visit dailynewspapers.in.