Automotive sales trends
U.S. New Car Sales Overview (Q4 2024 – Q1 2025)
Total new vehicle sales in 2024: Approximately 15.8 million units—the highest since 2019. reuters.com
EV sales in 2024: Around 1.3 million units, marking a 7.3% increase from 2023 and accounting for 8.1% of total new vehicle sales. evinfo.net+1coxautoinc.com+1
Q1 2025 EV sales: Approximately 296,000 units, up 11.4% year-over-year.
EV Market Trends
Market Share: EVs held a 7.5% share of new car sales in Q1 2025, slightly down from 8.7% in Q4 2024 but up from 7.0% in Q1 2024. caredge.com
Top Performers:
Tesla: Maintained a 43.4% EV market share in Q1 2025, despite a 9% drop in sales year-over-year.
General Motors (GM): Doubled its EV sales compared to Q1 2024, with notable success from the Chevrolet Equinox EV. caredge.com+1carscoops.com+1en.wikipedia.org+1eia.gov+1
Pricing: The average transaction price for new EVs was $56,902 in October 2024, down 1.2% month-over-month. carscoops.com
ICE Vehicle Market Trends
Market Share: ICE vehicles accounted for 78% of new car sales in 2024, a decline from previous years. cleantechnica.com
Sales Decline: ICE vehicle sales, including hybrids, fell 4.1% year-over-year in Q3 2024. wolfstreet.com+1en.wikipedia.org+1
Manufacturer Adjustments: GM announced a $4 billion investment in gasoline-powered vehicle production, signaling a strategic shift amid changing market dynamics. politico.com+1
Outlook
The U.S. automotive market is at a pivotal juncture. EVs continue to gain traction, supported by technological advancements and growing consumer interest. However, challenges such as charging infrastructure and pricing remain. Conversely, ICE vehicles are experiencing a gradual decline in market share, prompting manufacturers to reassess their strategies. The coming months will be critical in determining the pace and direction of this transition.