EV sales grew by over 11% in the second quarter. (iStock )
The electric vehicle (EV) market is in full swing globally, despite some tough times for EV-giant, Tesla. In Q2 2024, electric vehicle sales grew 11.3% in the U.S., according to a report from Kelley Blue Book. A record-high 330,463 units were sold in the quarter.
Sales grew thanks to more availability, continued discounts on EVs and a larger number of leases. General Motors led the charge for new products, helping to improve sales numbers. Tesla, however, saw a 6.3% year-over-year drop in sales volume. In fact, Tesla’s electric vehicle market share fell to 49.7%, the first time it’s dropped below 50% in the U.S.
Despite Tesla’s disappointing sales numbers, overall electric vehicle sales accounted for about 8% of all new vehicle sales in the second quarter, which is higher than the 7.1% of sales in Q1 2024.
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