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SEARCHCox forecasts they’ll do as well this year despite expected obstacles.
Tesla's sales fell last year, though it's still the electric-vehicle market leader.
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U.S. electric-vehicle sales had a strong finish to 2024, posting a quarterly record, and Cox Automotive predicts they’ll set new records and hit a key milestone.
Global EV sales, meanwhile, jumped last year by 25% to 17 million units, according to London-based Rho Motion, which noted that the European market’s EV sales fell, an anomaly it tied to new emissions standards, while world EV sales leader China’s deliveries skyrocketed by 40% to 11 million.
Back in the U.S., fourth-quarter EV sales surged 15% year-over-year to nearly 366,000, a quarterly volume record, Cox said. Full 2024 EV sales rose 7% to hit 1.3 million units and 8% of all sales.
The gains resulted from manufacturer incentives, federal and state tax breaks, attractive lease deals, and a spurt of new EV models, said Cox, which expects EV sales to stay strong this year despite the incoming Trump administration’s plans to nix federal tax breaks for the purchases.
It says any presidential moves of that sort would take time to take effect and that with automaker incentives, 15 new models poised for launch, and growing charging points, it forecasts EV sales to approach 10% of all auto deliveries.
What’s more, Cox predicts that a quarter of all auto sales will be electrified models, whether pure EVs, plug-in hybrids or hybrids.
“One thing is for certain: Each year, more electric vehicles with advanced battery technology are making their way onto America’s roads,” it said in its EV sales report.
Competition among EV makers increased last year as Tesla’s sales fell, though the Texas-based company remains the EV market leader and its models Y and 3 were the first and second best-selling EVs in the U.S., followed by the Ford Mustang Mach-E.
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