Electric vehicle (EV) sales have continued to rise in 2024, marking a pivotal year for both new and used EV markets in the United States.
New EV sales increased by 7% year-to-date, with over 1 million units sold in the first ten months. In October alone, 106,155 new EVs were sold, representing a 2.3% month-over-month growth. EVs now account for 7.9% of the total new car market, highlighting their increasing presence despite a broader industry slowdown.
The used EV market is also experiencing significant growth, with sales up by 64% year-over-year. October saw 23,788 used EVs sold, a 39.5% jump compared to the same time last year. The average listing price for used EVs fell by 6.4% to $37,912, making them more accessible to buyers. This price drop reflects a broader trend of affordability in the EV sector.
These figures underline the growing consumer shift toward electrification, driven by attractive incentives, leasing options, and competitive pricing in both new and used markets. Despite some challenges, the EV market remains a strong and evolving force in the automotive industry.