The EV shakeout has begun: These brands are winning, and these are losing
The electric vehicle landscape is rapidly changing. Find out which automakers are capitalizing on the EV boom and which are struggling to keep up.
2024 is behind us, and manufacturers are rolling out sales reports for the full year and final quarter. While Tesla remains the top dog in EV sales in the United States, some automakers saw their EVs gain momentum. Others weren’t so lucky, with production issues, recalls, and delays setting them back. Honda
Related: Tesla’s $1 billion payday: How rivals’ EV struggles are a boon for Musk
General Motors and Ford saw record EV sales
General Motors closed out 2024 with dramatic EV sales increases across the board. The Cadillac Lyriq proved itself a worthwhile EV, with 28,402 models sold, amounting to a 210% increase over 2023. The Chevrolet Blazer EV followed suit, with over 23,000 units sold, up from 482 in 2023.
The Chevrolet Equinox EV closed out its first year as the most popular EV in GM’s lineup, with 28,874 units sold. Of those, over 18,000 models left dealer lots in Q4. The Chevrolet Silverado EV saw its sales increase dramatically as well, from 461 units in 2023 to 7,428 units in 2024. Chevrolet
The GMC Sierra EV closed out its first year with 1,788 models sold, but it wasn’t alone. The high-end Cadillac Escalade IQ was also introduced in the final quarter of the year and sold 670 units.
Standard Ford Mustang sales have been on a downtrend for several years, and now the all-electric Mustang Mach-E has surpassed it. Ford sold 44,003 Mustangs in 2024, down nearly 10% from 2023. Meanwhile, more than 51,700 Ford Mustang Mach-E models left dealer lots. That gap is likely to continue to grow as well, as the Mustang Mach-E is slated to receive a price cut for the 2025 model year. Ford
According to Ford, Mustang Mach-E sales were up 27% in 2024. The F-150 Lightning followed suit, with 33,510 models sold, amounting to a 39% increase. The Ford E-Transit shot up 64%, with more than 12,600 units sold.
Related: Mazda's new battery tech will spearhead their EV market entry
Japanese and Korean automakers saw success as well
While the Toyota bZ4X is no stranger to criticism for its quirks and lackluster range, the cladded SUV is clearly doing something right. The Japanese automaker’s only EV saw a 99% increase in 2024, with 18,570 models sold. Even with nearly double its 2023 sales, though, the bZ4X is still lagging behind competitors. John Beltz Snyder
The Honda Prologue, which shares platforms with the Chevy Blazer EV, quickly became the standout model of the year, with more than 33,000 units sold. The Prologue went on sale in March, so it hasn’t even had a full year on the market yet, making its sales figures even more impressive.
Nissan proved it can still compete independently in the EV market, at least for the time being. In 2024, over 19,700 Ariya electric SUVs left dealer lots, while the Nissan Leaf saw a dramatic sales increase of 57%, with more than 11,200 models sold.
Hyundai and Kia also posted record EV sales. The Hyundai Ioniq 5 saw a 31% increase over 2023, with more than 44,000 models sold. The three-row Kia EV9 saw more than 22,000 examples hit the road under new ownership.
Related: Hyundai, Kia, and BYD gear up for a showdown in South Korea
Volkswagen and Volvo didn’t do so hot
Of the automakers that struggled in the EV game in 2024, Volkswagen is the one that stands out the most. The automaker halted the production and sale of the ID.4 electric SUV due to an issue with the doors.
While ID.4 sales were down prior to the recall, a halt in production certainly didn’t help. Overall, the Volkswagen ID.4 saw just over 17,000 units sold in 2024, down from just shy of 38,000 in 2023. Volkswagen
Volvo wasn’t having a great year at the end of Q3, and while the numbers aren’t out at the time of writing, the Swedish automaker would be hard-pressed to make up the difference. At the end of Q3, Volvo had sold just over 3,600 EVs in 2024, down from over 10,500 in 2023. Volvo
The Volvo EX30 saw several delays throughout the year, but it's proven to be popular in Europe. As the SUV finally arrives on our shores, the Swedish automaker could see a dramatic increase in EV sales in 2025.
Final thoughts
There are quite a few automakers to discuss in the EV game these days, and while Tesla remains on top, other manufacturers are seeing their EV sales increase dramatically year after year. As competition increases, it’ll be interesting to see which models - and automakers - continue to see success, tax credit or no tax credit.
