Top Best Selling Electric Cars, Trucks, and SUVs: US Market Analysis for Q1 2024
The electric vehicle (EV) market saw a notable shift in the first quarter, with EVs making up 7.3% of all new vehicle sales, a decrease from the previous quarter in 2023. This downturn might be influenced by several factors ranging from seasonal buying trends to economic and supply chain issues. Although it's too early to call it a trend, continued decline could drive a strategic reassessment among industry stakeholders. In this review, we'll explore the top 10 best-selling electric cars in the US for this period.
1. Tesla Model Y - 96,729 units sold
The Tesla Model Y, a compact all-electric SUV starting at $44,990 with a range of 330 miles, continues to show robust sales figures, with 98,438 units sold in Q4 2023 and a slight decrease to 96,729 units in Q1 2024.
The Tesla Model Y demonstrates a sustained strong market performance among electric SUVs, maintaining high sales with a minimal reduction from the last quarter of 2023 to the first quarter of 2024. Despite a small dip, it remains a dominant player in the electric vehicle sector.
2. Tesla Model 3 - 30,842 units sold
The Tesla Model 3, known as the best selling electric car, is available at a starting price of $38,990 and offers a range of 358 miles. The model experienced a substantial sales decline, dropping from 54,868 units in Q4 2023 to 30,842 units in Q1 2024, a 43.8% decrease.
The Tesla Model 3 has encountered a significant drop in sales, experiencing nearly a halving of its sales figures between the last quarter of 2023 and the first quarter of 2024. This sharp decrease indicates a notable shift in its market demand despite its previous best-selling status.
3. Ford Mustang Mach-E - 9,589 units sold
One of the best selling electric cars, the Ford's Mustang Mach-E, an electric SUV beginning at $39,995 with a range of 312 miles, recorded a noticeable decline from the fourth quarter of 2023 to the first quarter of 2024, with units sold dropping from 11,889 to 9,589.
The Ford Mustang Mach-E has seen a discernible downturn in sales at the start of 2024, with a significant sales drop from Q4 2023, suggesting a shift in consumer buying patterns or increased market competition for this popular electric SUV.
4. Rivian R1S - 8,017 units sold
The Rivian R1S, an electric SUV priced at $74,900 offering a range of 340 miles, has shown promising sales growth between Q4 2023 and Q1 2024, with an increase from 6,101 to 8,017 units sold. This upward trend in sales highlights a growing consumer interest and confidence in Rivian's R1S model, possibly driven by the vehicle's performance, features, and the expanding appeal of electric SUVs.
The consistent improvement in sales figures suggests that Rivian is effectively expanding its market presence and could be solidifying its reputation within the electric vehicle industry. This performance is particularly notable given the competitive nature of the electric vehicle market, emphasizing Rivian's potential for future growth and innovation among the best selling electric cars.
5. Ford F-150 Lightning - 7,743 units sold
The F-150 Lightning Platinum Black features a standard extended-range battery designed for a targeted EPA-estimated range of 300 miles per full charge. The actual range can vary based on external conditions, vehicle usage, and the battery's age and condition. Additionally, the F-150 Lightning Flash model builds on the XLT model line with an extended-range battery that targets a 320-mile range, integrating the latest tech features for a starting price of $54,995.
Sales figures for Ford's F-150 Lightning, as one of the best-selling electric cars, illustrate the model's market presence, with 11,905 units sold in the fourth quarter of 2023, followed by a decrease to 7,743 units in the first quarter of 2024. This sales trend underscores the evolving consumer response to Ford's electric truck offerings over recent quarters.
6. Chevy Bolt EV / EUV - 7,040 units sold
The Chevy Bolt EV/EUV, one of the best selling electric cars, is a compact hatchback priced from $28,795 offering a range of 247 miles. The sales performance of the Chevy Bolt EV and EUV has shown a noticeable decline from the fourth quarter of 2023 to the first quarter of 2024. In Q4 2023, sales figures reached 12,552 units, demonstrating robust consumer interest and strong market presence. However, by Q1 2024, these numbers had significantly dropped to just 7,040 units.
This nearly 44% decrease may reflect a variety of market conditions, including possibly increased competition, changes in consumer preferences, or external economic factors impacting buyer behavior. It's crucial for potential investors or consumers to consider these trends as they may influence the future positioning and strategy of Chevy's electric vehicle offerings.
7. Hyundai Ioniq 5 - 6,822 units sold
Another best-selling electric car, the Hyundai's Ioniq 5, priced at $41,800 with a range of 303 miles, has experienced a slight decline in sales, moving from 8,612 units in the fourth quarter of 2023 to 6,822 units in the first quarter of 2024. This represents a downturn in sales figures as the new year begins, which could be attributed to a variety of factors such as market saturation, seasonal adjustments, or possibly the introduction of new competitors in the electric vehicle market.
The Hyundai Ioniq 5, while still among the best-selling electric cars, has encountered a modest sales slump in the transition from Q4 2023 to Q1 2024, potentially due to market factors including saturation, seasonal shifts, or rising competition in the EV space.
8. Volkswagen ID.4 - 6,167 units sold
One more best selling electric car, Volkswagen's ID.4, an electric SUV starting at $41,160 with a range of 275 miles, has seen a noticeable dip in sales, moving from 10,634 units in Q4 2023 to 6,167 units in Q1 2024. This significant decrease may suggest various market dynamics, such as competitive pressure, seasonal fluctuations, or possibly a shift in consumer preferences. It's crucial for potential investors and industry analysts to delve deeper into the reasons behind this sales performance, as it could have implications for Volkswagen's strategies in the electric vehicle segment going forward.
The ID.4, being a key player in VW's electric lineup, reflects important trends in the EV market that stakeholders should monitor closely.
9. Cadillac Lyriq SUV - 5,800 units sold
The 2024 Cadillac Lyriq SUV excels with a 307-mile range per charge and a 102 kWh Ultium battery that allows for an 80% charge in 30 minutes using a DC fast charger. It accelerates from 0 to 60 mph in 5.7 seconds with 340 horsepower. Notably, the Lyriq features advanced technologies such as Cadillac's Super Cruise hands-free system and a 33-inch LED display, along with a luxurious and sustainable interior. With a starting price at $57,195, the Cadillac Lyriq has shown impressive sales growth from Q4 2023 to Q1 2024. In the last quarter of 2023, it sold 3,821 units, but saw a significant jump to 5,800 units in the first quarter of 2024. This upward trend highlights a growing consumer interest and confidence in Cadillac's electric vehicle offerings.
The surge in sales for the Cadillac Lyriq, now counted among the best-selling electric cars, may be the result of favorable reviews, improved marketing approaches, or broader market reach, indicating Cadillac's strengthening position in the competitive landscape of electric mobility.
10. Tesla Model X - 5,607 units sold
The 2024 Tesla Model X continues to rank among the top best-selling electric cars, showcasing exceptional range and advanced battery technology. It starts at $79,990 for the Dual Motor All-Wheel Drive variant, which produces 670 horsepower and offers a range of about 348 miles on a single 100 kWh battery charge, making it ideal for extended trips with fewer charging stops. The high-performance Plaid version, priced at about $96,000, features a tri-motor setup that delivers 1,020 horsepower but has a slightly reduced range of 333 miles due to its enhanced power output. Both models maintain robust towing capabilities and impressive acceleration, with the Dual Motor hitting 0-60 mph in 3.7 seconds and the Plaid in just 2.5 seconds, ensuring they remain competitive in the luxury EV market.
The Tesla Model X has shown a positive trend in sales from the fourth quarter of 2023 to the first quarter of 2024. In Q4 2023, Tesla sold 4,841 units of the Model X. Sales increased by approximately 15.8% in Q1 2024, reaching a total of 5,607 units. This uptick indicates growing consumer interest or improved availability of the Model X, which could be attributed to various factors such as marketing strategies, enhancements in the vehicle's features, or broader economic conditions influencing consumer spending on electric vehicles.
Top Best Selling Electric Cars in the US Market for Q1 2024
| № | Model | Starting Price | Range | Q4 2023 | Q1 2024 |
|---|---|---|---|---|---|
| 1 | Tesla Model Y | $44,990 | 330 | 98 438 | 96 729 |
| 2 | Tesla Model 3 | $38,990 | 358 | 54 868 | 30 842 |
| 3 | Ford Mustang Mach-E | $39,995 | 312 | 11 889 | 9 589 |
| 4 | Rivian R1S | $74,900 | 340 | 6 101 | 8 017 |
| 5 | Ford F-150 Lightning | $54,995 | 320 | 11 905 | 7 743 |
| 6 | Chevy Bolt EV / EUV | $28,795 | 259 | 12 552 | 7 040 |
| 7 | Hyundai Ioniq 5 | $41,800 | 303 | 8 612 | 6 822 |
| 8 | VW ID.4 | $41,160 | 263 | 10 634 | 6 167 |
| 9 | Cadillac Lyriq SUV | $57,195 | 307 | 3 821 | 5 800 |
| 10 | Tesla Model X | $79,990 | 348 | 4 841 | 5 607 |
| 11 | BMW i4 | $52,200 | 307 | 5 402 | 4 537 |
| 12 | BMW iX | $87,100 | 307 | 5 274 | 2 945 |
| 13 | Hyundai Ioniq 6 | $45,500 | 361 | 4 681 | 3 646 |
| 14 | Nissan Ariya | $43,190 | 304 | 3 764 | 4 142 |
| 15 | Mercedes EQE | $74,900 | 305 | 1 195 | 4 956 |
| 16 | Rivian R1T | $79,000 | 350 | 3 399 | 3 261 |
| 17 | Tesla Model S | $88,490 | 405 | 3 228 | 4 206 |
| 18 | Hyundai Kona | $33,550 | 258 | 2 972 | 1 822 |
| 19 | Kia Niro | $39,550 | 253 | 7 215 | 1 588 |
| 20 | Toyota BZ4X | $42,000 | 252 | 2 843 | 1 897 |
| 21 | Subaru Solterra | $44,995 | 228 | 3 109 | 1 147 |
| 22 | Mercedes EQS | $104,400 | 350 | 2 785 | 2 678 |
| 23 | Volvo C40 | $56,395 | 257 | 910 | 283 |
| 24 | Porsche Taycan | $90,900 | 242 | 2 359 | 1 925 |
| 25 | Volvo XC40 | $54,645 | 223 | 2 293 | 786 |
| 26 | Lucid Air | $87,400 | 406 | 951 | 1 967 |
| 27 | Nissan Leaf | $28,040 | 212 | 1 347 | 1 142 |
| 28 | Lexus RZ | $59,650 | 220 | 2 875 | 1 603 |
| 29 | GMC Hummer | $106,945 | 350 | 2 028 | 1668 |
| 30 | Vinfast VF8 | $46,000 | 264 | 112 | 927 |
| 31 | BMW i7 | $105,700 | 380 | 1 565 | 991 |
| 32 | Genesis GV60 | $59,290 | 248 | 1 182 | 473 |
| 33 | Audi e-tron | $70,800 | 226 | 778 | 776 |
| 34 | Kia EV6 | $48,700 | 310 | 4 081 | 4 059 |
| 35 | Polestar 2 | $48,400 | 270 | 1 821 | 2 210 |
| 36 | Audi Q4 e-tron | $49,800 | 265 | 2 082 | 2 678 |
| 37 | Mercedes EQB | $52,750 | 288 | 3 379 | 4 616 |
| 38 | Jaguar I-Pace | $71,300 | 246 | 179 | 256 |
| 39 | Mini Cooper | $30,900 | 250 | 990 | 742 |
| 39 | Mazda MX-30 | $34,110 | 100 | - | - |
The table presents the rankings of the top best-selling electric vehicles in the US for Q1 2024. Tesla's Model Y continues to lead, with the Model 3 not far behind. Other manufacturers such as Chevy, Ford, and Hyundai are also performing well in the competitive electric vehicle market. The variety of pricing and range choices underscores the dynamic changes occurring in the EV industry.
| № | Brand | Q4 2023 | Q1 2024 | YOY% |
|---|---|---|---|---|
| 1 | Tesla | 161 375 | 140 187 | -13.13 |
| 2 | Ford | 25 937 | 20 223 | -22.03 |
| 3 | Chevrolet | 13 457 | 8 701 | -35.34 |
| 4 | Hyundai | 16 265 | 12 290 | -24.44 |
| 5 | Volkswagen | 10 634 | 6 167 | -42.01 |
| 6 | BMW | 14 374 | 10 713 | -25.47 |
| 7 | Audi | 7 411 | 5 714 | -22.90 |
| 8 | Kia | 7 140 | 9 654 | +35.21 |
| 9 | Subaru | 3 109 | 1 147 | -63.11 |
| 10 | Mercedes | 10 767 | 12 250 | +13.77 |
| 11 | Nissan | 5 113 | 5 284 | +3.34 |
| 12 | GMC | 2 028 | 1 668 | -17.75 |
| 13 | Genesis | 2 042 | 992 | -51.42 |
| 14 | Lucid | 1 512 | 1 967 | +30.09 |
| 15 | Rivian | 13 553 | 13 588 | +0.26 |
| 16 | Toyota | 2 843 | 1 897 | -33.27 |
| 17 | Volvo | 3 203 | 1 069 | -66.63 |
| 18 | Polestar | 3 328 | 2 210 | -33.59 |
| 19 | Porsche | 2 358 | 1 925 | -18.36 |
| 20 | Cadillac | 3 820 | 5 800 | +51.83 |
| 21 | Mini | 990 | 742 | -25.05 |
| 22 | Lexus | 2 875 | 1 603 | -44.24 |
| 23 | Jaguar | 78 | 256 | +228.21 |
| 24 | Mazda | - | - | - |
| 25 | Fisker | 1 672 | 1 660 | -0.72 |
| 26 | Vinfast | 1 120 | 927 | -17.23 |
In the US Market Analysis for Q1 2024, the electric vehicle (EV) sector displayed a slight downturn, with EVs constituting 7.3% of all new vehicle sales, a reduction from the previous quarter. This decline, possibly influenced by factors like seasonal trends and broader economic concerns, could necessitate a strategic reevaluation by industry players if it persists. Despite this, Tesla's Model Y maintained its leading position, with significant sales figures, followed closely by the Model 3, indicating a continued preference for Tesla's models. Other brands such as Chevy, Ford, and Hyundai also demonstrated solid performances, affirming their competitive stance in the market. This period highlighted the diverse options available in terms of price and range, reflecting the ongoing evolution of the EV landscape. As we move forward, these dynamics will be crucial for stakeholders to monitor, especially if the trend of decreased sales continues into future quarters.
As of the latest information provided, the Tesla Model Y is the best-selling electric car in 2024. It sold 96,729 units in the first quarter, continuing its dominance in the electric vehicle market.
In the first quarter of 2024, a total of 5,235 electric vehicles were sold.
In the first quarter of 2024, Tesla sold a total of 140 187 cars.
The forecast for the electric vehicle market in 2024 is complex, with signs of both promise and challenges ahead. In the first quarter of 2024, EVs accounted for 7.3% of all new vehicle sales, a decrease from the previous quarter. This dip might be due to a mix of factors, including seasonal trends, economic issues, and supply chain disruptions.
Despite this slight downturn, certain models like the Tesla Model Y continue to perform strongly, indicating robust demand for well-established brands and models. However, other popular models such as the Tesla Model 3 and Ford Mustang Mach-E have seen significant sales declines, suggesting market variability and perhaps increasing competition affecting their sales.
Notably, new entrants like the Rivian R1S and Cadillac Lyriq are experiencing growth, highlighting a potential shift in consumer interest towards newer brands or models that offer distinct features or better performance metrics.
For more detailed information about the sales figures in the previous quarter, discover the best-selling electric cars, trucks, and SUVs in Q4 2023.
