In 2024, BEV sales in the US reached approximately 1.3 million, marking a 9% increase from 2023. GM sold 114,426 EVs, second only to Tesla, and EVs made up 4.2% of GM’s total sales. Toyota is projecting 50% electrification of US sales by 2025, with an increase to 60-70% by the end of the decade.
Americans bought roughly 16 million new vehicles in 2024, slightly surpassing analysts' forecasts but falling short of past records. Of these, 25%, or about 4 million, were classified as "electrified" vehicles. SUVs remain dominant, while compact sedans and subcompact crossovers are gaining traction at lower price points.
Tesla’s global sales decreased by 1.1% in 2024, marking its first sales decline since 2011. Tesla held a 4% market share in the US, placing it 10th among brands.
GM's sales rose by 4.3% to 2,705,080 vehicles, securing a 16.9% market share. Sports cars remain popular, with 33,330 Corvettes sold despite a 3% drop.
Toyota and Lexus increased sales by 3.7% in 2024, with electrified vehicles accounting for 43%. The Toyota RAV4 was the best-selling model, surpassing the Ram pickup.
Ford sold more Mustang Mach-Es (51,745) than traditional Mustangs (44,003). The F-150 Lightning saw a 38.7% increase in sales. Ford secured 4th place in BEV sales with 97,865 vehicles.
Honda saw an 8.8% increase in sales, reaching 1,423,857, with the CR-V outselling the Ram pickup. Total EV sales hit 40,408.
Stellantis sales dropped by 15%, with Jeep seeing a 9% decline. Fiat, however, had a small victory with increased BEV sales.
Nissan’s sales rose by 3.8%, thanks to increased Sentra and Versa sales. Total EV sales were 31,024, comprising 3.6% of total sales.
Hyundai sold 61,797 EVs, contributing to its best year in the US market. Kia reported 43,732 EV sales, maintaining its market growth.
Subaru’s sales increased by 5.6%, led by the Crosstrek. Mazda experienced a 16% rise in sales, while VW struggled despite a 15.2% increase.
The 2024 automotive market highlights a shift towards electric vehicles, with sales growing steadily. While legacy brands like GM and Ford are keeping pace, traditional products like the Ford Mustang are being outpaced by their electric counterparts. As consumer preferences evolve, aligning with these trends will be crucial for manufacturers striving for future success.
