EV and Hybrid Sales Hit Record Highs in the US as Competition Intensifies

Electrified vehicles accounted for nearly 20% of new car sales in Q3 2024, with hybrids leading growth and Tesla's market dominance continuing to erode.

In Q3 2024, EVs, plug-in hybrids, and hybrids collectively made up 19.6% of new light-duty vehicle sales in the US, according to Wards Intelligence data.
Hybrids saw record growth, capturing 10.8% of the market, while battery electric vehicles (BEVs) saw a slight decline, dropping to 7.0% market share from 7.4% in Q2.
Tesla's US BEV market share dipped to 48.8%, its second consecutive quarter below 50%, as competitors like Chevrolet gained traction with models like the Equinox and Blazer EVs.
Ford set new monthly records for EV sales in November, driven by strong Mustang Mach-E and E-Transit sales, though F-150 Lightning sales declined amidst competition from Tesla's Cybertruck.
Most BEVs sold in the US are now domestically produced, with 78.9% made in North America, spurred by federal incentives like the Inflation Reduction Act's clean vehicle tax credits.