Electric vehicle (EV) sales in the United States reached a record 1,301,411 units in 2024, a 7.3% increase compared to the previous year, according to data from Cox Automotive’s Kelley Blue Book.
Despite a slowdown from the rapid 49% growth seen between 2022 and 2023, EVs continue to outperform the overall automotive market, which grew by just over 2% last year. EVs accounted for 8.1% of total U.S. auto sales in 2024, with industry analysts optimistic about further growth in 2025.
Tesla retained its dominant position, leading the automaker rankings with 633,762 EVs sold in 2024. The Tesla Model Y remained the top-selling electric car in the U.S., with 372,613 units, followed by the Model 3 at 189,903 units. However, both models saw year-over-year sales declines of 6.6% and 17.4%, respectively.
The Ford Mustang Mach-E emerged as a standout performer, achieving a 27% increase in sales to 51,745 units. Ford Motor also reported record sales for each of its electric models, totaling 97,865 EVs sold, securing its position as the second-largest EV automaker in the U.S., followed by Chevrolet with 68,044 units.
In total, 24 out of 68 EV models tracked by Kelley Blue Book recorded sales increases, while 17 new models entered the market in 2024. Meanwhile, some models, including the Chevrolet Bolt and Mazda MX-30, saw declining sales or were discontinued.
The broader U.S. automotive market remains optimistic, with Cox Automotive projecting a 10% EV market share for 2025. Including plug-in hybrid vehicles, the market share is expected to rise to 15%.
Cox Automotive predicts that policy changes under President-elect Donald Trump, including plans to eliminate the $7,500 federal tax credit for EVs, could temporarily accelerate EV sales as buyers move to take advantage of existing incentives.
The company stated, “In the year ahead, one out of every four vehicles sold will likely be electrified in some way – a hybrid, plug-in hybrid, or pure EV. Each year, more electric vehicles with advanced battery technology are making their way onto America’s roads.”
