US sales of electric vehicles hit a new record in the second quarter of 2024, no thanks to Tesla, which saw its market share drop below 50 percent of total US electric vehicle sales for the first time in its history.in a preview of its Q2 2024 electric auto sales report that Tesla's sales in the second quarter of 2024 fell to 49.7 percent of all US EV sales. That's a decline of 6.3 percent for Tesla sales, Cox said, while overall EV sales rose 11.3 percent compared to a year ago.
A total of 330,463 EVs were sold in Q2,"higher than the record set in Q4 2023 and a solid increase from Q1," Cox added. In other words, it was a great recovery quarter for EV sales, which rose to 8 percent of total automotive sales in the US in Q2, up from 7.1 percent in Q1 and 7.2 percent this time last year."EV sales exceeded expectations during a record-breaking quarter," said Cox's industry insights director Stephanie Valdez Streaty.
Much of the growth in electric vehicle sales is due to new kit from General Motors, Cox said, with additional strong showings from Ford, Hyundai and Kia. Sales of EVs from luxury European brands like Mercedes-Benz, Porsche, and Volvo declined as well, suggesting that yet again many early EV adopters were those willing to spend lots of cash on a premium ride, while future buyers may be looking for something more affordable, or are waiting for improvements in charging infrastructure.