Q4 2024 U.S. EV Sales Update

The U.S. is one of the most important EV markets in the world for the simple fact that it will generate one of the largest overall revenue opportunities for this transition as a single country. To date, the U.S. automotive industry generates over $1.5 trillion in retail sales. The monthly Advance Retail Sales report breaks these sales down in aggregate by motor vehicle and parts dealers. Of this $1.5 trillion, $1.13 trillion or 74% is directly associated with new car dealers - this is the clear market opportunity for the U.S. EV transition.

U.S. EV Sales Q4 2024 highlights:

• 2024 U.S. EV sales stood at 1.3 million, up 10.5 percent from 2023 and up 16 percent from Q4 2023. With total U.S. vehicle sales annualized at approximately 17 million, EV penetration is now at 7.6 percent, compared with four percent during 2021.

• In 2021, Tesla, Inc. (TSLA) held a 75 percent market share across U.S. EV sales, as of Q4 2024, TSLA’s market share has dropped to 48 percent. TSLA delivered approximately 634,000 EVs during the 2024 in the U.S. Aside from TSLA, two OEMs delivered more than 95,000, four OEMs topped 50,000 (separating Hyundai and Kia), two OEMs topped 40,000, and three OEMs were near 30,000 or higher.

• During 2024, the fastest growth brands were the General Motors Corp. (GM) Equinox, Chevrolet Blazer, and Silverado, Kia EV9, Jaguar I-Pace, GMC Hummer truck/SUV, BMW i5, and GM Cadillac Lyric and Brightdrop.

  
  

Top EV OEMs during 2024 by U.S. EV sales market share included:

Q4 2024 takeaways:

• GM and Ford Motor Co. (F) deliveries have accelerated with GM taking the clear lead across all OEMs within the U.S. EV sales market.

• TSLA’s market share continues to drop which is a given, however recent federal administration policy shifts towards more diverse vehicle markets will benefit vertically integrated EV OEMs including Rivian Automotive, Inc. (RIVN).

• TSLA’s Cybertruck substantially beat F’s F-150 Lightning, while RIVN slipped behind when comparing their EDVs/RTs with F’s Lightning/E-transit.

• Newer innovators continue to go bankrupt with Canoo, Inc. (GOEV) being the most recent casualty.

Disclosure: The Investor Cornerstone+ portfolio does owns RIVN which is a core holding. For all other companies mentioned in this blog there is no desire or intent to take any action to buy the stock directly, to purchase calls, or to purchase puts for the foreseeable future.