U.S. quarterly battery electric vehicle sales

In the third quarter of 2024, over 346,300 battery-electric vehicles were sold in the United States. This was a year-over-year increase of around 11 percent compared to the sales recorded in the third quarter of 2023. The third quarter of 2024 also recorded a hike in sales compared to the second quarter of that same year, making it the best quarter for BEV sales in the country across the past two years.

Global EV Race - Where does the U.S. stand?

Over the last few years, consumers have perceived Electric Vehicles (EVs) as a far more appealing option due to their increased range, battery life, variety of models, and affordability. Therefore, the EV market has grown fast in recent years and is forecast to expand to 1.1 trillion U.S. dollars in 2029. Though the global demand for electric cars has been escalating, American sales lag behind Europe and the Asia-Pacific regions. In 2023, Chinese customers bought around 8.1 million plug-in EVs, considerably more than American customers' purchases,around 1.4 million that year. China is the leader of the global EV race, with a substantial 36 percent growth in sales year-on-year in 2023. However, given the market share of electric vehicles in the global automotive industry, this still can be anyone's race.

Outlook of the U.S. market

There is still a lack of interest in electric vehicles among American buyers compared to European and Asian consumers. In the first quarter of 2021, the share of the battery electric vehicle was 55.1 percentage points more in Norway than in the U.S.. One of the main reasons is that American consumers still anticipate that EVs are more expensive than gasoline vehicles and diesel internal combustion engine cars (ICE). This perception is partially true in the U.S. since the battery production market is highly concentrated in Asia, where the companies have logistical advantages, leading automotive makers to offer better prices. On the other hand, high licensing fees for electric vehicles are another factor affecting the consumption behaviors of automobile purchasers. In many states, the licensing fees for electric cars are considerably higher than their ICE counterparts. EV licensing fees were around 345 U.S. dollars compared to 25 U.S. dollars for standard vehicles in Georgia in 2021. Together, these factors significantly impact the individual perception of electric cars in the United States.