In the second quarter of 2024 (Q2 2024), the share of electric and hybrid vehicle sales in the United States saw a modest increase, rising to 18.7% of total new light-duty vehicle (LDV) sales, up from 17.8% in the first quarter (Q1 2024). This uptick, as reported by Wards Intelligence, reflects a resurgence in the market after a slight decline earlier in the year.<\/p>\n
The growth in the electric and hybrid vehicle sector was primarily driven by a notable increase in hybrid electric vehicle (HEV) sales, which surged by 30.7% year over year. HEVs constituted 9.6% of the total light-duty market in Q2 2024, up from 8.6% in Q1 2024. Meanwhile, plug-in hybrid electric vehicle (PHEV) sales saw a slight rise, moving from 1.7% to 2.0% of the market. Battery electric vehicle (BEV) sales remained stable, accounting for 7.1% of the LDV market, consistent with their share in Q2 2023.<\/p>\n
Luxury electric vehicles continued to perform strongly, making up 32.8% of total luxury vehicle sales in Q2 2024. Luxury vehicles represented 16.6% of the overall light-duty market, with a significant 73.8% of total BEV sales, 8.3% of hybrid sales, and 29.2% of plug-in hybrid sales.<\/p>\n
The average transaction price for BEVs decreased slightly from $57,405 in January 2024 to $56,371 in June 2024, according to Cox Automotive. This price remained significantly higher than the average light-duty vehicle transaction price, though the gap narrowed over the period.<\/p>\n
Tesla, the leading manufacturer in the electric vehicle market, saw its market share drop below 50% for the first time since Q4 2017. In Q2 2024, Tesla\u2019s share stood at 48.9%, as sales shifted towards legacy automakers such as Ford, Chevrolet, Hyundai, and Kia. Ford captured 8.0% of the electric vehicle market, bolstered by the Mustang Mach-E and F-150 Lightning, while Chevrolet introduced new electric models like the Blazer and Silverado following the discontinuation of the Bolt.<\/p>\n
Manufacturing patterns have also evolved.74.4% of electric vehicles sold in the U.S. in Q2 2024 were produced in North America, down from 78.7% a year earlier. Conversely, the share of electric vehicles manufactured in South Korea increased from 8.0% to 12.2%, and those from Japan grew from 2.4% to 7.2%.<\/p>\n
Under the Inflation Reduction Act, clean vehicle tax credits require compliance with domestic content requirements that exceed mere North American manufacturing. As a result, not all vehicles produced in North America qualify for these credits, influencing both production and purchasing decisions in the electric vehicle market.<\/p>\n","protected":false},"excerpt":{"rendered":"
The share of electric and hybrid vehicle sales in the U.S. increased to 18.7% in the second quarter of 2024, driven primarily by a rise in hybrid electric vehicle sales.<\/p>\n","protected":false},"author":434,"featured_media":48754,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[15124,15122,5420,15123,15120,153,15121,15125],"class_list":["post-48729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-automotive-market-trends","tag-battery-electric-vehicles","tag-electric-vehicles","tag-hybrid-electric-vehicles","tag-hybrid-vehicles","tag-tesla","tag-u-s-auto-sales","tag-vehicle-manufacturing"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/48729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/users\/434"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/comments?post=48729"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/48729\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media\/48754"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media?parent=48729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/categories?post=48729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/tags?post=48729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}