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New Tesla vehicles on display at a Tesla dealership on December 20, 2024. in Corte Madera, California.
Justin Sullivan | Getty Images
DETROIT — Sales of all-electric vehicles and hybrid models topped 20% of new U.S. car and truck sales for the first time last year — a landmark year for “economy” vehicles, but the pace is slower than many previously expected.
Automotive company Motor Intelligence reports that more than 3.2 million “electrified” vehicles were sold last year. 1.9 million hybrid vehicles, including plug-in models, and 1.3 million all-electric models.
According to the data, traditional vehicles with gas or diesel internal combustion engines still accounted for the majority of sales, but fell to 79.8%, falling below 80% for the first time in modern automotive history.
As for sales of pure electric vehicles, Tesla continued to dominate, but Cox Automotive estimated its annual sales fell and its market share fell to about 49% from 55% in 2023. Tesla Model Y and Model 3 were considered the best-selling electric cars in 2024.
Tesla was followed by EV sales Hyundai Motorincluding Kia, with a 9.3% share of the electric car market; General Motors Company by 8.7%; and then Ford motor by 7.5%, according to Motor Intelligence. BMW closes the top five with 4.1%.
The US EV market is highly competitive: Of the 68 major EV models tracked in Cox’s Kelly Blue Book, 24 saw year-over-year sales increases; 17 models were new to the market; and 27 decreased in volume.
More uncertainty about how sales of all-electric and hybrid electric vehicles will fare this year, pending potential action from the following The Trump administration.
Currently, sales of electric and plug-in electric vehicles are subsidized by a federal credit of up to $7,500 for the purchase of one of the cars that is elected by the president Donald Trump could remove, along with other support for electric vehicles.
Cox Automotive expects to set another sales record for electric vehicles in 2025 at about 10% of new vehicle sales. Including hybrids, the company plans that one in four cars sold this year will be electrified.
— CNBC’s Phil LeBeau contributed to this report.
