EV and hybrid gross sales are steadily growing within the US, reaching an all-time excessive in Q3 2024, in line with the US Vitality Data Administration (EIA).
In Q3, the mixed gross sales of hybrid, plug-in hybrid electrical automobiles (PHEVs), and battery electrical automobiles (BEVs) made up 19.6% of all new light-duty automobile gross sales, in line with estimates from Wards Intelligence. That’s up from 19.1% in Q2, setting a brand new benchmark for the rising market share of electrified automobiles.
The expansion in Q3 was primarily pushed by hybrids. BEV gross sales barely dipped, with their share of the light-duty automobile market going from 7.4% in Q2 to 7.0% in Q3. In the meantime, hybrids now account for 10.8% of the market – a file excessive.
BEVs nonetheless reign within the luxurious section, making up 35.8% of luxurious automobile gross sales in Q3 2024. Nonetheless, the luxurious share of BEVs is shrinking as extra reasonably priced BEVs make their approach onto the market. In Q3, 70.7% of all BEVs offered within the US have been luxurious fashions – the bottom luxurious share since Q2 2017 – whereas solely 10.3% of hybrid automobiles offered fell into the luxurious class. BEVs nonetheless include a hefty price ticket: The typical transaction value for a brand new BEV was $56,351 on the finish of Q3, about 16% larger than the general common value for brand new automobiles, in line with Cox Automotive.
Tesla continues to be the BEV king, however its crown is slipping. For the second consecutive quarter, Tesla’s market share dipped under 50%, coming in at 48.8%. The Mannequin Y and Mannequin 3 proceed to be main gross sales drivers, and Tesla additionally noticed a lift from the Cybertruck, which outsold all of its massive electrical truck rivals, together with the Rivian R1S, Ford F150 Lightning, and Chevy Silverado EV.
Ford nonetheless holds onto second place within the BEV market, although its share fell to six.9% in Q3 from 7.94% in Q2. Chevrolet, powered by the success of the brand new Equinox and Blazer fashions, moved into the third spot, changing Hyundai with a 5.8% market share.
Many of the BEVs offered within the US at the moment are produced near house. In Q3, 78.9% of BEVs offered within the US have been made in North America, with the remaining coming from nations like South Korea (7.3%) and Germany (5.3%), primarily based on Wards Intelligence estimates.
The Inflation Discount Act’s clear automobile tax credit are additionally influencing the EV panorama. To qualify, producers want to satisfy home content material necessities not only for closing meeting, but additionally for battery parts and important minerals. It’s not so simple as simply constructing a automobile in North America.
Nonetheless, the necessities are looser for leased automobiles, which implies many EVs that don’t qualify for buy incentives do qualify for lease incentives beneath the business clear automobile credit score, giving shoppers extra choices to get behind the wheel of an EV.
Nonetheless, adjustments to the federal EV tax credit score beginning January 1, 2025, are anticipated. Joel Levin, govt director of Plug In America, stated final month:
We’ve no approach of understanding what is going to occur beneath a brand new administration and new Congress.
So in the event you’re occupied with getting a brand new or used EV, now is a superb time for each. There are such a lot of fashions available on the market, and shoppers can typically stack incentives from states, municipalities, and utilities on high of the federal EV tax credit score, which offers an excellent deal for automobile consumers.
Should you reside in an space that has frequent pure catastrophe occasions, and are fascinated by making your house extra resilient to energy outages, think about going photo voltaic and including a battery storage system. To be sure you discover a trusted, dependable photo voltaic installer close to you that gives aggressive pricing, take a look at EnergySage, a free service that makes it simple so that you can go photo voltaic. They’ve a whole bunch of pre-vetted photo voltaic installers competing for your enterprise, making certain you get prime quality options and save 20-30% in comparison with going it alone. Plus, it’s free to make use of and also you gained’t get gross sales calls till you choose an installer and share your cellphone quantity with them.
Your customized photo voltaic quotes are simple to check on-line and also you’ll get entry to unbiased Vitality Advisers that will help you each step of the best way. Get began right here. –trusted affiliate hyperlink*
FTC: We use revenue incomes auto affiliate hyperlinks. Extra.
