Click to enlarge.
During Q3 of 2024, automakers sold 408,688 electric vehicles (EVs include battery, plug-in hybrid, and fuel cell electric vehicles) in the United States, meaning 10.6% of overall light-duty vehicle sales. This represents a 0.6 percentage point (pp) market share increase compared to the second quarter of 2024 amounting to an increase of ~22,000 vehicle sales. Simply put this makes EV Sales volume in Q3 the highest on record according to data released today by the Alliance for Automotive Innovation, a trade and lobbying group for automakers. (read AutoInformed.com on: EV Market Stays as Customer Satisfaction Leader)
“Year-over-year (YoY), EV market share increased 0.47 pp from the third quarter of 2024. The total volume of all light-duty sales in Q3 2024 was 3% higher than Q3 2023, while the volume for EVs increased 8 % (~31,000 vehicles). For comparison, internal combustion engine (ICE) vehicle market share decreased by 3.8 pp during Q3 2024 compared to the same period last year.
“Nearly all of ICE market share was displaced by gains of traditional hybrids and electric vehicles, offset slightly by market share losses from PHEVs and FCEVs. Nearly 1.14 million EVs were sold in the first three quarters of 2024, 10% of all light vehicle sales and an increased market share of 0.7 pp over the same period in 2023. The total volume of all light-duty sales for the first three-quarters of the year is up 2% from the same period a year ago, while the volume for EVs increased 10 % (an ~101,000 vehicles),” the Alliance said.
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While passenger cars once led the EV market, manufacturers continue to introduce new models to satisfy a variety of consumer needs. In other words, customers continue to decide what sells in the marketplace. Utility vehicle (UV) models continue to grow. Moreover, although electric pickup trucks are a relatively new entry to the market (commercial debut in September 2021), there are 6 models available now, with more expected soon. As a result, non-car segments are continuing to make gains, and in Q3 of 2024, light truck (UVs, minivans, and pickups) sales comprised 80% of the EV market – a 6 pp increase from Q3 2023. “Electric vehicle prices were higher YoY in Q3 but by less than 1%. The average price paid for an EV in Q3 was just over $57,000, a premium of approximately 19% compared to the auto industry-wide ATP of just over$48,000.”
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Pre-Trump US Q3 EV Sales Set All Time Record
Click to enlarge.
During Q3 of 2024, automakers sold 408,688 electric vehicles (EVs include battery, plug-in hybrid, and fuel cell electric vehicles) in the United States, meaning 10.6% of overall light-duty vehicle sales. This represents a 0.6 percentage point (pp) market share increase compared to the second quarter of 2024 amounting to an increase of ~22,000 vehicle sales. Simply put this makes EV Sales volume in Q3 the highest on record according to data released today by the Alliance for Automotive Innovation, a trade and lobbying group for automakers. (read AutoInformed.com on: EV Market Stays as Customer Satisfaction Leader)
“Year-over-year (YoY), EV market share increased 0.47 pp from the third quarter of 2024. The total volume of all light-duty sales in Q3 2024 was 3% higher than Q3 2023, while the volume for EVs increased 8 % (~31,000 vehicles). For comparison, internal combustion engine (ICE) vehicle market share decreased by 3.8 pp during Q3 2024 compared to the same period last year.
“Nearly all of ICE market share was displaced by gains of traditional hybrids and electric vehicles, offset slightly by market share losses from PHEVs and FCEVs. Nearly 1.14 million EVs were sold in the first three quarters of 2024, 10% of all light vehicle sales and an increased market share of 0.7 pp over the same period in 2023. The total volume of all light-duty sales for the first three-quarters of the year is up 2% from the same period a year ago, while the volume for EVs increased 10 % (an ~101,000 vehicles),” the Alliance said.
Click for more.
While passenger cars once led the EV market, manufacturers continue to introduce new models to satisfy a variety of consumer needs. In other words, customers continue to decide what sells in the marketplace. Utility vehicle (UV) models continue to grow. Moreover, although electric pickup trucks are a relatively new entry to the market (commercial debut in September 2021), there are 6 models available now, with more expected soon. As a result, non-car segments are continuing to make gains, and in Q3 of 2024, light truck (UVs, minivans, and pickups) sales comprised 80% of the EV market – a 6 pp increase from Q3 2023. “Electric vehicle prices were higher YoY in Q3 but by less than 1%. The average price paid for an EV in Q3 was just over $57,000, a premium of approximately 19% compared to the auto industry-wide ATP of just over$48,000.”
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.