Tesla remains dominant in the electric vehicle market in the United States, owing to the popularity of its all-electric crossover Model Y. According to Kelley Blue Book’s parent company, Cox Automotive, the Tesla Model Y accounted for one-third of the overall electric vehicle sales in its home market in the first quarter despite the weak demand.
Total EV sales in the US (Jan-March 2024)
Electric vehicle sales suffered from a notable decline globally in the first quarter of 2024 due to the slower-than-expected uptake. The weak demand is evident in electric automakers’ Q1 2024 sales figures.
In the US, EV sales still slightly increased by 2.6%. However, the share of EVs in the total vehicle sales declined 7.3% from the Q4 2023’s record.
Industry leader Tesla failed to avoid the slowdown, with EV sales falling short of analysts’ expectations. Nonetheless, its Tesla Model Y remained the top-selling electric vehicle in the US market.
EV sales per brand
Presented below are the electric vehicle sales per brand in the US:
| Electric Vehicle (Brand) | Q1 2024 Sales | Q1 2023 Sales | YOY Change | Q1 Share | YTD Share |
| Audi | 5,714 | 4,438 | 28.8% | 2.1% | 2.1% |
| BMW | 10,713 | 6,588 | 62.6% | 3.9% | 3.9% |
| Brightdrop | 256 | – | – | 0.1% | 0.1% |
| Cadillac | 5,800 | 968 | 499.2% | 2.1% | 2.1% |
| Chevrolet | 8,701 | 19,700 | -55.8% | 3.2% | 3.2% |
| Ford | 20,223 | 10,866 | 86.1% | 7.4% | 7.4% |
| Genesis | 992 | 937 | 5.9% | 0.4% | 0.4% |
| GMC | 1,668 | 2 | – | 0.6% | 0.6% |
| Fisker | 1,660 | – | – | 0.6% | 0.6% |
| Honda | 19 | – | – | 0.0% | 0.0% |
| Hyundai | 12,290 | 7,824 | 57.1% | 4.5% | 4.5% |
| Jaguar | 256 | 53 | 383.0% | 0.1% | 0.1% |
| Kia | 9,654 | 5,930 | 62.8% | 3.5% | 3.5% |
| Lexus | 1,603 | 185 | 766.5% | 0.6% | 0.6% |
| Lucid | 1,967 | 1,406 | 39.9% | 0.7% | 0.7% |
| Mazda | 15 | 15 | -100.0% | 0.0% | 0.0% |
| Mercedes | 12,250 | 7,341 | 66.9% | 4.5% | 4.5% |
| Mini | 742 | 672 | 10.4% | 0.3% | 0.3% |
| Nissan | 5,284 | 5,214 | 1.3% | 1.9% | 1.9% |
| Polestar | 2,210 | 2,340 | -5.6% | 0.8% | 0.8% |
| Porsche | 1,925 | 1,527 | 26.1% | 0.7% | 0.7% |
| Rivian | 13,588 | 8,558 | 58.8% | 5.0% | 5.0% |
| Subaru | 1,147 | 1,359 | -15.6% | 0.4% | 0.4% |
| Tesla | 140,187 | 161,630 | -13.3% | 51.3% | 51.3% |
| Toyota | 1,897 | 1,698 | 11.7% | 0.7% | 0.7% |
| Vinfast | 927 | 110 | 742.7% | 0.3% | 0.3% |
| Volvo | 1,069 | 2,924 | -63.4% | 0.4% | 0.4% |
| VW | 6,167 | 9,758 | -36.8% | 2.3% | 2.3% |
| Total (Estimates) | 268,909 | 262,043 | 2.6% | 100% | 100% |
Tesla Model Y dominates
The Tesla Model Y accounted for 96,729 units or one-third of the total 268,909 electric vehicle sales in the first quarter of 2024, demonstrating the electric crossover’s dominance in the market.
Cox Automotive’s data showed that the Tesla Model Y still managed to hit a 1.4% YoY sales growth despite the industry-wide slowdown. Meanwhile, the Tesla Model 3 sedan suffered from a 43.9% YoY decline to 30,842 units.
The Tesla Model Y contributed 35.4% of the overall EV market in the US in the first quarter. The Tesla Model 3 followed with a market share of 11.3%.
Ford’s Mustang Mach-E claimed the third spot with sales of 9,589 units and a market share of 3.5%. The Rivian R1S landed in the fourth spot with a 2.9% market share and total sales of 8,017 units in Q1 2024. Another Ford model, the F-150 Lightning, completed the top five with a 2.8% market share and sales of 7,743 units, up 80.4% YoY.
Tesla Model Y’s unstoppable sales growth demonstrates the brand’s dominance in the electric vehicle market not only on its home turf but also in the global market. It would be exciting to see how Tesla can revive its overall sales growth in the following quarters after disappointing Q1 2024 results.
