Summary:
- EV sales hit a record high in Q3 2024, with EVs making up over 10% of total U.S. new car sales.
- Combined EV, hybrid, and PHEV sales rose from 19.1% in Q2 to 21.2% in Q3 2024, driven by incentives and new models.
- Hybrids like the Toyota RAV4 Hybrid remained strong, appealing to buyers seeking efficiency without range anxiety.
- Supply chain issues and raw material costs pose hurdles to sustaining growth in EV and hybrid adoption.
- Expanding charging infrastructure and affordable EV models will be key to shaping the future of U.S. transportation.
The U.S. auto industry is going through a quiet shift. Electrified vehicles are steadily gaining ground and reaching record sales in Q3 2024. And while the numbers are promising, this rise hasn’t been linear. A slump in EV sales this year and limitations in charging infrastructure have forced many major carmakers to recalibrate their ambitious EV goals for 2030.
Still, the overall market share of green transportation options, including battery-electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs), has grown in the third quarter of 2024. Models like the Toyota RAV4 Hybrid and Camry Hybrid continue to be popular choices for those looking for a fuel-efficient option, while Tesla still dominates in the fully electric arena with the Model Y.
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