Despite falling Tesla sales, U.S. electric car sales set to hit record 1.3 million in 2024: Top 10 best-selling models
The U.S. auto industry’s electric vehicle sales hit a record high in 2024, reaching 1,301,411 units, breaking last year’s record and growing 7.3% compared with the same period last year.
Despite some weakness from industry leaders, U.S. fourth-quarter sales hit a record high of 365,824 vehicles Tesla Inc. (NASDAQ: TSLA). According to Cox Automotive’s Kelley Blue Book report, U.S. electric vehicle sales increased by 15.2% year-on-year in the fourth quarter.
Here are the 10 best-selling electric vehicles in the United States in 2024, their rankings in 2023, and year-over-year changes.
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Tesla Model Y: 372,613 units, -6.6%, ranked first last year
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Tesla Model 3: 189,903 units, -17.4%, ranked second last year
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Ford Mustang Mach-E: 51,745 units, up 26.9%, ranked fourth last year
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Hyundai Ioniq 5: 44,400 units, an increase of 30.9%, ranking sixth last year
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Tesla Cybertruck: 38,965 units, new this year, N/A last year
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Ford F-150 Lightning: 33,510 units, up 38.7%, ranked eighth last year
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Honda Prologue: 33,017 units, new this year, N/A last year
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Chevrolet Equinox: 28,874 units, new this year, N/A last year
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Cadillac Lyriq: 28,402 units, an increase of 210.3%, not in the top ten last year
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Rivian R1S: 26,934 units, an increase of 23.4%, ranking seventh last year
The 2024 list includes 5 of last year’s top 10, with 4 new cars making the cut and one existing model significantly increasing into the top 10.
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Winners and losers: Tesla sold 633,762 vehicles throughout the year, continuing to lead sales. The bad news is that this number is down 5.6% from the same period last year.
Tesla leads the electric vehicle market share, reaching 48.7% for the full year of 2024 and 44.4% in the fourth quarter. In 2023, Tesla’s electric vehicle market share will be 55%, down from 65% in 2022.
While Tesla remains the market leader in electric vehicles, its market share continues to decline as other companies join the industry and launch more models.
In 2024, Model Y and Model 3 will account for 28.6% and 14.6% of US electric vehicle sales respectively. This year, the company ranked first and second, and its new Cybertruck ranked fifth throughout its first year.
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Honda Motor Company (NYSE: HMC) and General Motors Corporation General Motors Co. (NYSE:GM) was named the big winner in the report, with the two companies adding nearly 80,000 electric vehicle sales.
