In 2024, sales of all-electric vehicles and hybrid models reached a combined 20% of new car and truck sales in the U.S. for the first time, totaling more than 3.2 million “electrified” vehicles sold. This marked a significant milestone for the “green” vehicle market, although traditional gas and diesel vehicles still made up the majority of sales at 79.8%. Tesla continued to dominate the pure EV market, but its market share dropped to about 49%. Hyundai, General Motors, Ford, and BMW followed in EV sales.
The EV market in the U.S. is highly competitive, with 24 out of 68 mainstream EV models experiencing year-over-year sales increases. However, there is uncertainty regarding how sales of all-electric and plug-in hybrid electric vehicles will perform in 2025, as potential actions by the incoming Trump administration may impact sales. Currently, federal credits of up to $7,500 for EV purchases are supporting the market, but these subsidies may be removed by the new administration.
Cox Automotive projects that 2025 will set another record for EV volume, with about 10% of new vehicle sales being electric. Including hybrids, the company anticipates that one out of every four vehicles sold this year will be electrified. Despite potential challenges, the EV market is expected to continue growing in the coming years.
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