Overall EV sales gained 12%, pushing the full-year total to a record 1.3 million, according to forecasts from researcher Cox Automotive.
A long line of unsold 2024 Bronco utility vehicles sit on display at Ford dealership on Nov. 28, 2024, in southeast Denver. The threat by President-elect Donald Trump to end tax credits for electric vehicles helped lift sales in the fourth quarter, giving US automakers a much-needed boost after a disappointing year.
Only a quarter of new-car shoppers are considering an EV for their next purchase, down two percentage points from a year ago, according to JD Power.“Threats and worries” contributed to a “sense of urgency to buying,” Jonathan Smoke, Cox’s chief economist, said on a December call with reporters. “That’s true in overall purchase activity, and it’s also very much true to the EV story.”
Tesla Inc. is still the sales leader in EVs by far, but experienced its first annual sales drop in more than a decline last year despite reporting record fourth-quarter deliveries. Meanwhile, electric compact and mid-size SUVs from GM, Honda, Hyundai and Kia attracted more shoppers in December, according to JD Power.On average, EV buyers got a $5,600 rebate per car with the current tax credit, JD Power figures show.
As for the overall new car market, lower interest rates, rising manufacturing incentives and fading anxiety around the election drew more buyers, prompting analysts to raise full-year sales forecasts. Earlier in the year, inflation and a cyberattack on car dealerships had dimmed the sales outlook for 2024.
In the fourth quarter, General Motors posted growth of 21%, trailed by Honda at 9% and Ford with 8.8%. Meanwhile, Toyota said US sales fell 2.7% during the period.
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