Electric vehicle (EV) sales in the U.S. reached new heights in the third quarter of 2024, driven by increased lease offerings, financing deals, and a broader selection of affordable models. According to data from Cox Automotive, automakers sold an estimated 346,309 EVs during the quarter—a 5% jump from Q2 and an 11% year-over-year increase from Q3 2023. EVs now represent 8.9% of the U.S. auto market, up from 7.8% a year earlier.
Analysts from Cox Automotive predict this growth will persist due to better infrastructure, more EV options, and attractive deals. “A 10% share is well within reach,” Cox noted, projecting a potential record by the year’s end.
U.S. Best-Selling EVs, Q3 2024
| Rank | Model | Q3 2024 Sales | Q3 2023 Sales | Year-over-Year % Change |
|---|---|---|---|---|
| 1 | Tesla Model Y | 86,801 | 95,539 | -9.1% |
| 2 | Tesla Model 3 | 58,423 | 53,521 | +9.7% |
| 3 | Tesla Cybertruck | 16,692 | – | – |
| 4 | Ford Mustang Mach-E | 13,392 | 14,842 | -9.8% |
| 5 | Honda Prologue | 12,644 | – | – |
| 6 | Hyundai Ioniq 5 | 11,590 | 11,665 | -0.6% |
| 7 | Chevy Equinox EV | 9,772 | 18 | – |
| 8 | Chevy Blazer EV | 7,998 | 19 | – |
| 9 | Rivian R1S | 7,245 | 9,183 | -21.1% |
Tesla Rebounds with the Cybertruck and Refreshed Model 3
Tesla remains the leading EV brand in the U.S., experiencing a resurgence in Q3 after consecutive quarters of sales declines. Sales for the brand rose 6.6% year-over-year, with the newly launched Cybertruck securing the third spot among best-selling EVs, following the Model Y and Model 3. Tesla delivered 16,692 Cybertrucks in Q3 as production ramped up at Gigafactory Texas. By comparison, Ford sold only 7,162 units of the F-150 Lightning, marking the Cybertruck as the top-selling electric truck in the market.
The refreshed Model 3 also saw a boost, with sales climbing 9.7% from Q3 2023. However, the aging Model Y saw a slight decline, dropping 9.1% to 86,801 units sold, though it remains the best-selling EV overall.
GM and Honda Make Major Gains
General Motors (GM) achieved significant growth in Q3, becoming the second-best-selling EV brand in the U.S. after Tesla. GM’s EV sales jumped 60% from the previous year and 46% from Q2, led by the Equinox and Blazer EVs. Cadillac’s Lyriq also saw notable growth, with sales up 281% from last year, solidifying Cadillac’s position as the top premium EV brand ahead of BMW, Mercedes, and Audi.
Honda also emerged as a competitive player, selling 12,644 units of its Prologue EV. Notably, the Prologue outsold GM’s Equinox and Blazer, underscoring its strong market entry.
Hyundai Maintains Strong Year-to-Date Sales
While GM overtook Hyundai Motor Group in Q3, Hyundai, Kia, and Genesis combined retained higher year-to-date sales than GM through September, selling 89,589 EVs compared to GM’s 70,450. Hyundai is expected to gain more traction with the U.S.-built 2025 Ioniq 5, which will qualify for tax credits and feature a Tesla-compatible charging plug.
Lease Deals Boost Demand Amid High Prices
Leasing remains a popular choice for EV buyers due to high purchase prices. Currently, EVs average around $57,000, compared to a general automotive industry average of $48,000. With leasing, buyers benefit from tax credits at the point of sale, making EVs more affordable. In fact, 42.7% of EVs sold in 2024 were leased, nearly double the industry leasing average of 22.2%.
Improved Charging Infrastructure Supports Growth
An expanding charging network is also fueling EV adoption, with around 1,000 new chargers added weekly. Tesla’s Supercharger network growth has resumed, providing further accessibility for EV buyers.
Stephanie Valdez Streaty, Director of Industry Insights at Cox Automotive, noted, “The growth is being fueled in part by incentives and discounts, but as more affordable EVs enter the market and infrastructure improves, we can expect even greater adoption in the coming years.”
