U.S. electric vehicle market grows steadily

The U.S. electric vehicle market sold 346,000 units in the third quarter of 2024, up 11% from the same period last year, maintaining double-digit growth for the second consecutive quarter, demonstrating continued growth in market demand.

EVs now account for 8.9% of the nation's new vehicle market, indicating that consumer acceptance of new energy models is increasing and driving the overall market transformation.

Tesla holds steady as leader, but market share continues to fall

Tesla's sales in the U.S. market rose 6.6% to 166,900 units in the last quarter, and although it remains the leader, its market share slipped to 48.2%, falling below 50% for two consecutive quarters.

This data shows that Tesla is facing increasing competitive pressure from other EV brands, especially from new brands and traditional car companies, which is gradually weakening its dominant position in the market.

European brands in the U.S. sales plummeted

Similar to Tesla, European car makers are facing serious challenges in the U.S. EV market, with sales of eight major European brands (including German and other European brands) reaching only 40,600 units in the last quarter, down 24 percent from the same period last year. The market share of European brands also fell to 12% from 17% last year.

This trend reflects the relative disadvantage of traditional high-end car companies such as BMW (BMW) and Mercedes-Benz (Mercedes-Benz) in the electric car market competition.

Japanese Brands Perform Brilliantly

In sharp contrast to the decline of European brands, Japanese car manufacturers in the U.S. electric vehicle market sales rose sharply last quarter. 7 Japanese brands sales reached 36,000 units, compared with the same period last year soared two times, market share from 4% to 10%.

Specifically, Honda (Honda) since the start of the launch of electric car products in April, sales reached 12,600 units in the last quarter, market share of 3.7%, ranking seventh. Nissan (Nissan) also jumped 65.7%, market share of 2.9%. Toyota (Toyota) increased by 62%. These increases show that Japanese brands in the U.S. market to increase investment in electric vehicles, has seen significant market returns.