The electric vehicle (EV) market in the United States witnessed notable fluctuations in 2024, as evidenced by the latest sales figures. Despite a projected slow growth, the market expanded, with EV sales reaching 1.3 million, marking a 7.3 percent increase from the previous year when 1.21 million units were registered. This expansion reflects both the challenges and opportunities in a sector that continues to evolve rapidly.

Tesla, a dominant force in the EV landscape, experienced a decline in sales, with a 5.6 percent drop, totaling 633,800 units. This decline saw its market share decrease from 48.7 to 44.4 percent, although its Model Y remained the top-selling model. Despite a decrease in sales of the Model Y by 6.6 percent compared to 2023, it continued to lead with 372,600 units sold. The anticipated facelift for the Model Y might be a strategy Tesla uses to counter this downward trend.

Contrasting Tesla's performance, Ford reported an 8 percent increase in EV sales, achieving a total of 97,900 units, securing its position as the second largest EV seller. Rivian also showed a modest increase of 3.8 percent, totaling 51,600 units. Meanwhile, other brands like Mercedes, VW, and Volvo faced significant downturns, with each brand experiencing sales declines exceeding 40 percent.

New models in the market contributed to diversifying the sales portfolios. Notably, the collaboration between Chevrolet and Honda yielded significant results, with the Equinox and Prologue reaching a combined 61,900 sales. Other new entries included the Chevrolet Blazer with 23,100 units, the Tesla Cybertruck with 39,000 units, and the Kia EV9 at 22,000 units.

The performance of certain long-standing models also highlighted a resurgence, with significant increases in sales. The Subaru Solterra, Nissan Leaf, and Hyundai Ioniq 5 each witnessed remarkable growth, demonstrating the resilience and appeal of these models in the market. Ford's Mustang Mach-E and F-150 Lightning were among the success stories, with the Mach-E outselling the VW ID.4 by threefold, a testament to its growing popularity amidst setbacks, such as production halts at VW due to faulty door handles.

GM made substantial strides with the Hummer EV and Cadillac's Lyriq, displaying sales growths of 331 percent and 210 percent, respectively. The Lyriq's performance was particularly notable as it nearly doubled the sales figures of its BMW iX rival.

The data underscores a transformative year for the EV sector, characterized by shifts in consumer preferences, market share re-alignments, and the advent of new models that continue to shape the landscape. As the sector moves forward, stakeholders remain focused on innovation, addressing production challenges, and responding to evolving consumer demands.