Image courtesy of JUICE on Unsplash
Under the Biden Administration, EV sales in the US grew by over 400% from 2020-2024.
GM more than doubled EV sales for the entire year and reported a 21% Q4 sales jump. Its full-year 2024 sales rose 4% to 2.7 million vehicles, in line with Cox analyst views. However, the no. 1 EV maker, Tesla (TSLA), saw sales decline in 2024.
Earlier this month, General Motors (GM) and Ford reported robust US auto and electric vehicle sales for the final quarter of 2024. GM is the No. 1 US automaker, and in 2024 it remained the king of sales. GM’s sales release showed that their EV sales spiked by 50% in Q4 to 43,982 units and rose 125% in 2024 to more than 114,000 units.
Tesla’s US sales fell 6% in 2024 to around 633,000 electric vehicles. Wedbush analyst Dan Ives forecasts a 20%- 30% increase in Tesla deliveries in 2025 due to the launch of a cheaper EV and the autonomous Cybercabs as growth catalysts for Tesla.
Toyota had declining US new vehicle sales but marked an EV sales milestone at 1 million EV and hybrid vehicles sold in 2024. Sales of Toyota and Lexus electric and hybrid vehicles jumped 53% in 2024. The company added that hybrid and EV sales made up 43% of the total 2024 sales volume. Toyota offers 30 model options, which is the most of any US automaker.
Ford reported Q4 sales of 530,660 vehicles, up 8.8%. For the full year, Ford posted unit sales of 2.08 million, over a 4% gain. Ford’s US sales were expected to reach 2.06 million for the entire year. In Q4, Ford’s hybrid sales grew an impressive 26.5%. Ford’s total EV sales jumped 38% for the year to a record 285,291 units, including nearly 98,000 BEVs and more than 187,000 hybrid vehicles. Ford’s sales of ICE vehicles in 2024 increased only 0.2%.
Honda and Toyota sell mostly hybrid cars, though they are gaining market share in battery electric vehicles. Honda analysts expected Q4 sales to be 357,392 units, up 5.9%. Over 2024, Honda’s US sales rose 8.1% to 1.41 million vehicles. Honda reported sales of 1.42 million vehicles in 2024, an increase of 8.8%. The company said that Honda’s EV and hybrid sales spiked 19% in 2024 to around 349,000 units. In December, Honda announced a possible merger with Japanese rival Nissan.
Hyundai saw powerful hybrid and EV sales. Hyundai reported 2024 sales of 836,802 units, a 4% increase. Kia reported 2024 sales of 796,488 units, an almost 2% increase. Both reported record annual sales. The Korean automakers have grown sales rapidly due to strong EV lineups.
Cox Auto analysts expect another record year for sales of hybrid and electric vehicles in the US in 2025.