With the year drawing to a close, sales data has revealed that battery electric vehicles (BEVs) claimed an almost 9% share of total light-duty vehicle sales in the U.S. in Q3 2024. According to the U.S. Energy Information Administration (EIA), BEVs, plug-in hybrids, and hybrid electric cars added up to 21.1% of new vehicle sales in the third quarter of the year, with fossil fuel vehicles accounting for the rest.
Wards Intelligence estimates show that the combined share of BEVs, hybrids, and plug-in hybrids jumped from 19% of all light-duty car sales in the U.S. in Q2 2024 to 21.2% last quarter, the EIA says, noting that the increased market share of hybrid and electric cars was mostly driven by battery electric vehicle sales.
Despite BEVs maintaining their premium prices, data from the EIA shows that battery electric vehicle sales in the American light-duty auto market went up from 7.4% in the second quarter of the year to 8.9% in Q3 2024. This is largely due to BEVs’ enduring popularity among luxury vehicle buyers, the EIA explains. It seems that the luxury vehicle market is still driving BEV sales even though car manufacturers are turning their attention toward the regular drivers who make up the bulk of the auto market.
The EIA says luxury electric cars account for a smaller portion of total electric vehicle sales as more drivers outside the luxury market purchase electric vehicles. Even so, luxury EVs still make up a large portion of total electric vehicle sales in the U.S., the EIA notes, with data indicating that nearly 71% of all electric cars sold in the U.S. in Q3 2024 were luxury cars, while 10.3% were hybrids.
Citing Cox Automotive, the EIA said new battery electric cars cost $56,351 pre-incentive in Q3 2024, making them around 16% more expensive than the industry average. While higher purchase prices will undoubtedly push regular drivers away, buyers in the luxury segment may be drawn in by the premium prices.
Tesla is still the most popular EV brand in the U.S. with a 48% market share. The Tesla Model 3 and Model Y were largely behind the Texas-based EV maker’s sales while the Cybertruck outsold all competitors in the large EV truck segment. This includes the Ford F-150 Lightning, Rivian R1T, Rivian R1S, GMC Sierra EV, Hummer EV, and Chevy Silverado EV.
After Tesla, Ford had the second largest share of the American battery electric vehicle market, followed by Chevrolet, which stole the third spot from Hyundai.
Other manufacturers like Lucid Motors (NASDAQ: LCID) are working to chip away at the market share of the leading EV companies and cement their place within the North American EV market.
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