Tesla Model Y Leads U.S. Electric Vehicle Sales with Over One-Third Market Share in Q1 2024

New data released reveals that the Tesla Model Y accounted for more than a third of all electric vehicle (EV) sales in the U.S. during the first quarter. While overall EV sales growth slowed down in Q1, Tesla maintained its dominant position in the market, with its sales representing over half of the EV segment.

Specifically, the Model Y led the pack with a segment share of 35.4%, selling 96,729 units. Following closely behind was Tesla's Model 3 sedan, capturing an 11.3% segment share. Other top performers included the Ford Mustang Mach-E (3.5%), the Rivian R1S (2.9%), and the Ford F-150 Lightning (2.8%).
 
However, despite Tesla's continued dominance, the EV market share across all vehicle sales dipped to 7.3% in Q1, down from 8.1% in Q4 and from 7.6% for the entirety of 2023.
 
Stephanie Valdez Streaty, Cox Automotive’s Director of Industry Insights, noted that Q1 2024 marked the first quarter-over-quarter downturn in U.S. EV sales since Q2 2020. While Tesla's sales were impacted, some brands experienced significant growth, with over 50% year-over-year increases. Streaty emphasized that 2024 is poised to be "the Year of More," with increased product offerings, incentives, inventory, leasing options, and infrastructure driving EV sales higher.
 
It's worth noting that Tesla's Model Y and Model 3 accounted for more than half of all U.S. EV sales last year and globally, the Model Y became the best-selling vehicle in 2023. This data emerges amid reports highlighting the global adoption of battery-electric vehicles (BEVs) reaching a crucial tipping point in 31 countries, and ahead of EV sales targets aiming to phase out gas vehicle sales over the next six years.
 

TOP 10 EVS SOLD IN THE U.S. IN Q1

1. Tesla Model Y — 96,729 units; 35.4 percent
2. Tesla Model 3 — 30,842 units; 11.3 percent
3. Ford Mustang Mach-E — 9,589 units; 3.5 percent
4. Rivian R1S — 8,017 units; 2.9 percent
5. Ford F-150 Lightning — 7,743 units; 2.8 percent
6. Chevy Bolt EV/EUV — 7,040 units; 2.6 percent
7. Hyundai Ioniq 5 — 6,822 units; 2.5 percent
8. Volkswagen ID.4 — 6,167 units; 2.3 percent
9. Cadillac Lyric — 5,800 units; 2.1 percent
10. Tesla Model X — 5,607 units; 2.1 percent