Tesla dominates US EV market with record Model Y sales in 2024
- Over 1.3 million electric vehicles were sold in the U.S. in 2024, marking a 7.3% year-on-year growth.
- Tesla's Model Y was the best-selling EV, with 372,613 units sold, capturing a 28.6% market share.
- The success of the Model Y highlights Tesla's dominance in the electric vehicle market amidst strong competition.
In 2024, the electric vehicle market in the United States saw significant growth, with over 1.3 million EVs sold, a 7.3% increase from the previous year. This growth accounted for 8.1% of total auto sales, influenced by strong incentives from automakers and federal and state initiatives that stimulated consumer interest. Tesla Inc. emerged as the leader in this market, primarily due to the high sales volume of its Model Y, which sold a remarkable 372,613 units. The Model Y SUV’s sales shared a substantial 28.6% of the EV market, solidifying Tesla's position at the forefront of the electric vehicle revolution in the U.S. Ford and General Motors followed as significant competitors, with each company launching new EV models that appealed to a growing consumer base. Tesla's Model 3, another popular model, sold 189,903 units, further helping the company secure its market dominance. With a strong performance in 2024, projections suggest that EV sales will continue to increase in 2025, driven by the introduction of new models and improvements in charging infrastructure. According to automotive research firm Kelley Blue Book, the record sales figures reflect a trend toward electrification in the U.S. automotive market, indicating consumer preference shifting towards electric vehicles.