Electric Vehicle Sales Decreased from 18.8% to 18% U.S. Market Share in 1st Quarter of 2024

The share of electric and hybrid vehicle sales in the United States decreased in the first quarter of 2024 as battery electric vehicle sales declined.fell to 18.0% of total new light-duty vehicle sales in the United States in the first quarter of 2024 from 18.8% in 4Q23, according to estimates from Wards Intelligence.

The U.S. LDV market is highly seasonal, and total sales usually level off in the first quarter after an end-of-year sales increase. BEV sales grew 7% in 1Q24 compared with 1Q23 after 13 consecutive quarters of double-digit gains. The slowdown in growth can be broken into two components: U.S. luxury-vehicle sales varied between 12% and 15% of the overall LDV market between 2014 and 2020 but grew to reach 18% in 2023. Luxury-vehicle sales returned to pre-pandemic levels in mid-2022, but mass-market vehicle sales have remained 10% below pre-pandemic levels as of this quarter. This uneven recovery contributed to the rise in the BEV sales share in 2022 and 2023. In 1Q24, the trend reversed when luxury vehicles fell to 16% of the market.

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