Electric Vehicle Sales Surge in the U.S. | iBestTravel

Electric vehicle (EV) sales have skyrocketed in the U.S., even as overall car sales have remained flat. This trend highlights the undeniable shift toward electric mobility. According to Cox Automotive, in Q2 2024, sales of electric vehicles made up 8% of total automotive sales, up from 7.2% during the same period last year. This growth is predominantly driven by California’s commitment to EV adoption.

Sales are projected to keep rising, and charging infrastructure is anticipated to expand correspondingly. The electric vehicle market is expected to surpass 691.56 billion dollars by 2028, with forecasts from Goldman Sachs suggesting that electric vehicles will constitute half of global car sales by 2035. Additionally, within the next eight years, there are likely to be more public EV chargers than gas stations in the U.S., as indicated by research from Bloomberg.

The remarkable interest in EV sales can be attributed to several key factors, including persistent high gas prices, enhanced EV performance, a wider selection of available models, and government incentives. The federal EV tax credit, part of the Inflation Reduction Act passed in August 2022, aims to motivate consumers to choose “clean” vehicles, offering a substantial credit of $7,500 for qualifying electric car purchases through 2032. Moreover, many states and public utilities provide additional incentives for EVs and home charging infrastructure.

Electric vehicles offer similar functionality to gasoline cars—providing transportation, air conditioning, and entertainment—while utilizing stored battery power instead. Unlike hybrid vehicles, EVs do not burn gasoline, and most owners can conveniently charge their cars at home, often achieving a full charge overnight.

Most Popular Electric Vehicles in the U.S.

This section showcases the ten most popular electric vehicles sold in the U.S. during the past quarter, detailing their range, average starting price, and eligibility for the $7,500 point-of-sale tax credit.

1. Tesla Model Y

Units Sold: 101,301

Starting at: $44,630

Available Tax Credit: $7,500 (for models under $80,000 MSRP)

EPA Fuel Economy MPGe (max): 117

EPA Range (max): 310 miles

The Tesla Model Y combines impressive performance with a luxurious interior and an extensive charging network. It was the top-selling car globally in 2023, showcasing its dominance in the market.

2. Tesla Model 3

Units Sold: 42,710

Starting at: $40,630

Available Tax Credit: $7,500 for Performance model only

EPA Fuel Economy MPGe (max): 132

EPA Range (max): 342 miles

This more affordable Tesla offers efficiency and performance. However, sales have seen a slight decline due to increased competition in the EV market.

3. Ford Mustang Mach-E

Units Sold: 12,645

Starting at: $39,995

Available Tax Credit: $0

EPA Fuel Economy MPGe (max): 111

EPA Range (max): 320 miles

The Mustang Mach-E stands out with its performance and underlines Ford’s commitment to electric mobility.

4. Hyundai IONIQ 5

Units Sold: 11,906

Starting at: $39,950

Available Tax Credit: Currently $0, but will be eligible for $7,500 once manufactured in Georgia

EPA Fuel Economy MPGe (max): 114

EPA Range (max): 303 miles

The innovative IONIQ 5’s design and impressive features (including vehicle-to-load capabilities) have garnered significant consumer interest.

5. Tesla Cybertruck

Units Sold: 8,755

Starting at: $60,990

Available Tax Credit: $0

EPA Fuel Economy MPGe (max): Not available

EPA Range (max): 340 miles, or 470 miles with optional range extender pack

The futuristic design and advanced features of the Cybertruck are paving the way for Tesla in the truck segment.

6. Rivian R1S SUV

Units Sold: 8,137

Starting at: $69,900

Available Tax Credit: $3,750 for models with an MSRP under $80,000

EPA Fuel Economy MPGe (max): 73

EPA Range (max): 400 miles

Rivian’s R1S SUV combines electric efficiency with family-friendly design and safety features, gaining traction in the competitive SUV market.

7. Ford F-150 Lightning

Units Sold: 7,902

Starting at: $62,995

Available Tax Credit: $7,500 for models with MSRP under $80,000

EPA Fuel Economy MPGe (max): 70

EPA Range (max): 320 miles

The F-150 Lightning is not only Ford’s entry into the electric truck market but has proven to be highly popular among consumers.

8. Toyota BZ4X

Units Sold: 7,571

Starting at: $43,070

Available Tax Credit: $0

EPA Fuel Economy MPGe (max): 119

EPA Range (max): 252 miles

Despite mixed reviews, the BZ4X shows promising sales growth, reflecting Toyota’s ongoing efforts in the EV landscape.

9. Cadillac LYRIQ

Units Sold: 7,294

Starting at: $57,195

Available Tax Credit: $7,500 off models with an MSRP below $80,000

EPA Fuel Economy MPGe (max): 88

EPA Range (max): 308 miles

The luxurious LYRIQ combines comfort and performance with advanced technology, making it a standout in the Cadillac lineup.

10. BMW i4 Gran Coupe

Units Sold: 7,066

Starting at: $52,200

Available Tax Credit: $0

EPA Fuel Economy MPGe (max): 120 (for eDrive 35)

EPA Range (max): 318 miles

The BMW i4 combines classic aesthetics with electric functionality, embodying a traditional design while delivering excellent performance.