Despite what some headlines suggest, EV sales aren't slumping – they're climbing, just at a slightly slower pace than before. According to new estimates from Kelley Blue Book, EV sales grew by 11% year-over-year in the third quarter of 2024 and reached record highs for both volume and market share, with an estimated 346,309 EVs sold – a 5% increase from Q2.
Q3's numbers show that EV sales continue to gain momentum. In fact, the EV share of all vehicle sales hit 8.9%, the highest ever recorded, compared to 7.8% a year ago. It's important to remember that growth rates can fluctuate, but a year-over-year growth rate of 11% is nothing to sniff at, especially as more affordable EVs are hitting the market and charging infrastructure continues to improve.
Incentives and discounts have been key to boosting EV sales lately. In Q3, incentives averaged more than 12% of the average transaction price (ATP), which is much higher than the industry-wide average of around 7%. A leasing "loophole" also allowed buyers to qualify for generous government-supported incentives. While the average price paid for an EV in Q3 was just over $57,000 – $9,000 higher than the average vehicle price – incentives and deals are making EVs more accessible.
Tesla continues to wear the EV market crown with a 6.6% increase in sales during Q3, mainly thanks to the launch of the Cybertruck. Despite its hefty price tag of over $116,000 on average, Tesla sold more than 16,000 units, making it the third best-selling EV behind its popular Model Y and Model 3. GM also saw a notable jump, with EV sales growing by nearly 60%, driven by solid numbers from Cadillac, Chevrolet, and GMC. Other brands, like Honda and Acura, have also entered the scene in a big way. And just to think that only a year ago, they had zero American EV sales, but this quarter they sold more than 15,000 EVs.
Kelley Blue Book's parent company, Cox Automotive, said it had previously expected 2024 to be a "year of more" for EVs – more choices, more deals, more infrastructure improvements, and more curious buyers. This prediction is still holding, and with the EV market share approaching 10%, there's plenty to be excited about.
One thing to keep at the top of mind as EV adoption continues to mushroom is, of course, the crucial role of charging infrastructure. After all, it's not just about having more EVs on the road; it's about keeping them powered up efficiently.
Here’s where smart EV charging solution AmpUp comes into play.
AmpUp offers cutting-edge EV charging software that pairs with over 20 Level 2 and DC fast charger hardware brands, delivers 99.9% uptime, and has an industry-leading charging success rate of 98.5%. After all, AmpUp’s software is made by EV drivers for EV drivers.
As EV sales continue to rise – and they will! – get in contact so we can help you keep your vehicles charged and ready to hit the road.