US share of electric and hybrid vehicle sales approches 20%

7 December 2024

The share of electric and hybrid vehicle sales in the United States increased again in the third quarter of 2024, reaching another record. Combined sales of hybrid vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and battery electric vehicles (BEV) increased from 19.1% of total new light-duty vehicle (LDV) sales in Q2 2024 to 19.6% in Q3 2024, according to the US Energy Information Administration (EIA).

The increase in the electric and hybrid vehicle market share was driven primarily by HEV sales. BEV sales decreased, with the share dropping from 7.4% of the US LDV market in Q2 2024 to 7.0% in Q3 2024. The share of hybrid vehicle sales increased, with hybrid vehicles making up 10.8% of the US LDV market in Q3 2024, a record.

BEVs continued to be popular in the luxury vehicle segment, accounting for 35.8% of US LDV luxury sales. 70.7% of BEVs sold in the United States during Q3 2024 were luxury vehicles, while 10.3% of the HEVs sold were luxury. The average transaction price for a new BEV before accounting for any consumer or government incentives was $56,351 at the end of Q3 2024, about 16% higher than the overall industry average price.

Tesla still holds the number one spot in the US BEV market, although at 48.8%, its market share was less than 50% for a second consecutive quarter this year. Tesla’s Model Y and Model 3 continue to drive sales, and the recently released Tesla Cybertruck was a driving factor in Tesla’s increase in sales in Q3 2024, outselling all its large truck competitors (Rivian R1S, Rivian R1T, Ford F150 Lightning, Chevy Silverado EV, Hummer EV, and GMC Sierra EV). Ford continued to hold the second-largest share of the BEV market, although that share shrunk to 6.9% in Q3 2024 from 7.94% in Q2 2024.

Source: US EIA