Electric vehicles saw record sales in 2024, according to new data. However, the Trump administration announced an executive order that will likely repeal the $7,500 tax credit for buying a new EV, and that could impact the outcome of this year’s sales.
What are the record numbers?
Americans bought 1.3 million electric vehicles in 2024, a 7.3% increase over 2023 and a record in the U.S.
Fourth-quarter sales pushed the EV market over the top. Americans purchased nearly 366,000 during the final three months. That number set a record for any single quarter.
Honda, Ford and General Motors led the way when it comes to sales growth, according to Kelley Blue Book. Each company upped its EV sales by 30,000 to 40,000.
There are now almost 70 mainstream EV models on the market that Kelley tracks, including 17 that are dubbed all-new. However, the Chevy Bolt and Mazda MX-30 were discontinued.
What are the popular models?
The Tesla Model Y and Model 3 are the best-selling models in the U.S. market. The Ford Mustang Mach-E, The Hyundai Ioniq5 and the Tesla Cybertruck follow to round out the top five.
What’s next for the industry?
Cox Automotive, which provides auto services and technology, expects EV sales growth in 2025 as volume continues to expand. More than 15 new vehicles are slated to hit the market.
However, the EV industry might run into strong headwinds now that the Trump administration has issued the “Unleashing American Energy” order.
The order revokes the Biden administration’s goal that EVs make up half of all new cars sold by 2030.