EV and hybrid gross sales are steadily growing within the US, reaching an all-time excessive in Q3 2024, in response to the US Vitality Info Administration (EIA).
In Q3, the mixed gross sales of hybrid, plug-in hybrid electrical autos (PHEVs), and battery electrical autos (BEVs) made up 19.6% of all new light-duty car gross sales, in response to estimates from Wards Intelligence. That’s up from 19.1% in Q2, setting a brand new benchmark for the rising market share of electrified autos.
The expansion in Q3 was primarily pushed by hybrids. BEV gross sales barely dipped, with their share of the light-duty car 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 document excessive.
BEVs nonetheless reign within the luxurious phase, making up 35.8% of luxurious car gross sales in Q3 2024. Nonetheless, the posh share of BEVs is shrinking as extra inexpensive BEVs make their means 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 autos offered fell into the posh class. BEVs nonetheless include a hefty price ticket: The common transaction worth for a brand new BEV was $56,351 on the finish of Q3, about 16% larger than the general common worth for brand spanking new autos, in response to Cox Automotive.
Tesla continues to be the BEV king, however its crown is slipping. For the second consecutive quarter, Tesla’s market share dipped beneath 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 giant 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.
A lot of the BEVs offered within the US are actually produced near residence. In Q3, 78.9% of BEVs offered within the US have been made in North America, with the remainder coming from international locations like South Korea (7.3%) and Germany (5.3%), primarily based on Wards Intelligence estimates.
The Inflation Discount Act’s clear car tax credit are additionally influencing the EV panorama. To qualify, producers want to fulfill home content material necessities not only for ultimate meeting, but additionally for battery parts and important minerals. It’s not so simple as simply constructing a automotive in North America.
Nonetheless, the necessities are looser for leased autos, which implies many EVs that don’t qualify for buy incentives do qualify for lease incentives underneath the industrial clear car credit score, giving customers 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, government director of Plug In America, stated final month:
We now have no means of realizing what’s going to occur underneath a brand new administration and new Congress.
So if you happen to’re desirous about getting a brand new or used EV, now is a superb time for each. There are such a lot of fashions in the marketplace, and customers can typically stack incentives from states, municipalities, and utilities on high of the federal EV tax credit score, which offers an ideal deal for automotive patrons.
In case you dwell in an space that has frequent pure catastrophe occasions, and are excited about making your house extra resilient to energy outages, contemplate 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 tons of of pre-vetted photo voltaic installers competing for your small business, guaranteeing 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 telephone 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 can assist you each step of the way in which. Get began right here. –trusted affiliate hyperlink*
FTC: We use earnings incomes auto affiliate hyperlinks. Extra.
