DETROIT — Sales of all-electric vehicles and hybrid models reached 20% of new car and truck sales in the U.S. for the first time last year — marking a landmark year for “green” vehicles but coming at a slower pace than many had previously anticipated.
Auto data firm Motor Intelligence reports more than 3.2 million “electrified” vehicles were sold last year, or 1.9 million hybrid vehicles, including plug-in models, and 1.3 million all-electric models.
Traditional vehicles with gas or diesel internal combustion engines still made up the majority of sales, but declined to 79.8%, falling under 80% for the first time in modern automotive history, according to the data.
Regarding sales of pure EVs, Tesla continued to dominate, but Cox Automotive estimated its annual sales fell and its market share dropped to about 49%, down from 55% in 2023. The Tesla Model Y and Model 3 were estimated to be the bestselling EVs in 2024.
Following Tesla in EV sales was Hyundai Motor, including Kia, at 9.3% of EV market share; General Motors at 8.7%; and then Ford Motor at 7.5%, according to Motor Intelligence. BMW rounded out the top five at 4.1%.
The EV market in the U.S. is highly competitive: Of the 68 mainstream EV models tracked by Cox’s Kelley Blue Book, 24 models posted year-over-year sales increases; 17 models were all new to the market; and 27 decreased in volume.
There’s more uncertainty with how sales of all-electric and plug-in hybrid electric vehicles will perform this year, pending potential actions by the incoming Trump administration.
Currently, sales of EVs and plug-in electric vehicles are being subsidized by a federal credit of up to $7,500 for the purchase of one of the vehicles, which President-elect Donald Trump could remove, along with other support for EVs.
Cox Automotive is expecting 2025 to set another record for EV volume, at about 10% of new vehicle sales. Including hybrids, the company projects one out of every four vehicles sold to be electrified this year.
— CNBC’s Phil LeBeau contributed to this report.
