Tesla's new cars will be unveiled at a Tesla dealership on December 20, 2024 in Corte Madera, California.
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DETROIT — Last year, sales of all-electric vehicles and hybrid models reached 20% of new U.S. passenger car and truck sales for the first time, marking a breakout year for “green” vehicles but coming at a slower pace than many previously predicted.
Automotive data firm Motor Intelligence says more than 3.2 million “electrified” vehicles were sold last year 1.9 million hybrid vehicles, including plug-in models and 1.3 million fully electric models.
The data shows that traditional gas or diesel combustion engine vehicles still accounted for the majority of sales, but this fell to 79.8%, the first time in the history of modern motoring below 80%.
When it comes to selling electric vehicles only Tesla continued to dominate, but Cox Automotive estimated that its annual sales were down and its market share had dropped to about 49%, down from 55% in 2023. Tesla Model Y and Model 3 are estimated to be top sellers electric vehicles in 2024
Following Tesla in electric vehicle sales was Hyundai engineincluding Kia, with 9.3% of the electric vehicle market; General Motors at 8.7%; and then Ford engine according to Motor Intelligence at 7.5%. BMW placed in the top five with a score of 4.1%.
The U.S. electric vehicle market is highly competitive: Of the 68 popular electric vehicle models included in Cox's Kelley Blue Book, 24 models experienced year-over-year sales growth; All 17 models were new to the market; and 27 decreased in volume.
Greater uncertainty surrounds how sales of full electric and plug-in hybrid electric vehicles will develop this year, pending potential actions by the upcoming Trump administration.
Currently, sales of electric vehicles and plug-in electric vehicles are subsidized by a federal loan of up to $7,500 for the purchase of one of the vehicles that the President-elect Donald Trump could remove along with other support for electric vehicles.
Cox Automotive expects 2025 to set another record for electric vehicle volume at approximately 10% of new vehicle sales. Including hybrids, the company predicts that this year every fourth vehicle sold will be equipped with an electric drive.
— CNBC's Phil LeBeau contributed to this report.