Electric vehicles accounted for almost 9% of U.S. light-duty vehicle sales in the third quarter of this year, the U.S. Energy Information Administration said Dec. 4.
Combined sales of hybrid vehicles, plug-in hybrids and battery electric vehicles, which EIA refers to as BEVs, increased from 19.1% of total new light-duty vehicle sales in the United States in the second quarter to 21.2% in the third quarter, EIA said, citing estimates from Wards Intelligence.
“This increase in the electric and hybrid vehicle market share was driven primarily by BEV sales,” EIA said. “BEV sales continue to increase, with the share growing from 7.4% of the U.S. light duty vehicle market in 2Q24 to 8.9% in 3Q24,” it said.
While there are signs the EV market is becoming more accessible, the vehicles “continued to be popular in the luxury vehicle segment,” EIA said.
EVs were more than a third of U.S. light-duty luxury vehicle sales in the third quarter. But luxury EVs, as a share of total EV sales, “have been decreasing as sales outside the luxury market have increased, falling to the lowest share since 2Q17,” EIA noted.
Still, almost 71% of EVs sold in the United States during Q3 were luxury vehicles, EIA said, compared with 10.3% of hybrid vehicles sold.
“According to Cox Automotive, the average transaction price for a new BEV before accounting for any consumer or government incentives was $56,351 at the end of 3Q24, about 16% higher than the overall industry average price,” EIA said.
EV purchase incentives of up to $7,500 were extended in the Inflation Reduction Act, part of the Biden administration’s efforts to transition the country to electric transportation. EV sales have more than quadrupled since he took office, according to the U.S. Department of Energy.
President-elect Donald Trump has indicated he wants to do away with the EV tax credit, though lawmakers in the House and Senate will ultimately need to agree. The Alliance for Automotive Innovation, which represents major U.S. vehicle manufacturers, in October pressed Congress to maintain the credits.
