Electric vehicles accounted for nearly 9% of U.S. light-vehicle sales in the third quarter of this year, the U.S. Energy Information Administration said Dec. 4.
Combined sales of hybrid, plug-in hybrid and battery electric vehicles, which the EIA defines as BEVs, increased from 19.1% of total new U.S. light-duty vehicle sales in the second quarter to 21.2% in the third quarter. The EIA said this, citing estimates from Wards Intelligence.
“This increase in the market share of electric and hybrid vehicles was primarily driven by sales of BEVs,” the 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,” he said.
While there are signs that the electric vehicle market is becoming more accessible, the vehicles “continue to be popular in the luxury vehicle segment,” the EIA said.
Electric vehicles accounted for 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, “declined as sales outside the luxury market increased, falling to the lowest share since 2Q17,” the EIA noted.
However, nearly 71% of electric vehicles sold in the United States during the third quarter were luxury vehicles, the EIA said, compared to 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 Q3 ’24, approximately 16% higher than the overall industry average price ,” the EIA said.
Electric vehicle 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. According to the U.S. Department of Energy, sales of electric vehicles have more than quadrupled since he took office.
President-elect Donald Trump has indicated he wants to eliminate the electric vehicle tax credit, although lawmakers in the House and Senate will ultimately have to agree. The Alliance for Automotive Innovation, which represents major U.S. vehicle manufacturers, lobbied Congress in October to maintain the credits.