EV Sales Had a Good Year
Cox 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.
Pixabay
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.
LEARN MORE: Report Urges Utilities, Regulators to Prep for EV Future
More Showroom
Slow to Robo
Ten years of polling consumers shows autonomous vehicles’ profiles have risen considerably, but even more people now want at least some level of control if they go that route.
Read More →
Dealers a Little Down
A third-quarter Cox Automotive survey finds them in a mixed mood, bummed by fallen customer traffic but encouraged by better profits, costs and EV interest.
Read More →
European EV Sales Skyrocket
The EV market on the continent held strong in July with almost 25% of new-car sales being fully electric units, a stark contrast to the U.S., where EV sales declined about 42%.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Used Lots Getting the Business
Many consumers are seeking out the units to save money, and the demand – higher in July than normal – is keeping supply limited and prices up.
Read More →
Used Market Stabilizes
The Carfax Used Car Index noted a major drop in used-vehicle price increases in July after several months of hikes.
Read More →
California Hybrids Reach State Record
The Golden State still leads the country in electric-vehicle registrations, but much like the rest of the U.S. its hybrid market share is up while full electrics stabilize after a dramatic first-quarter dip.
Read More →
My Mercedes in the U.S.
The German brand debuted its studio dealership concept for the first time in the states in Los Angeles, tapping Americans’ penchant for creative distinctions.
Read More →
Used Sales Hit Summer Drag
The vacation season, combined with high prices, has dented deliveries and added to inventories, though supply is still slim enough to keep listings elevated.
Read More →
California Launches EV Rebate Program
Participating automakers are matching the state's $13.5 million investment in new electric-vehicle rebates scheduled to take effect later this summer.
Read More →