EV car sales have skyrocketed in the U.S., even as overall US car sales remained flat. It’s a trend that's impossible to ignore — that the future of cars is electric. According to Cox Automotive, in Q2 2024, sales of electric vehicles accounted for 8% of the total automotive sales, up from 7.2% during the same period last year. Much of that growth is thanks to California, as shown in the graph below.
Sales are forecasted to keep increasing, as will charging infrastructure. The electric vehicle market is set to surpass 691.56 billion by 2028, according to a recent report published by Extrapolate. And Goldman Sachs Research forecasts that electric vehicles will make up half of all global car sales by 2035. In only eight years, there will be more public EV chargers than gas stations in the U.S., according to Bloomberg.
This massive increase in sales interest can be attributed to several factors including the cost of fuel, as gas prices remain relatively high, improved EV performance, more choice of cars, and of course, government incentives. The federal EV tax credit) — part of the Inflation Reduction Act that passed in August 2022 — is designed to encourage the use of “clean” vehicles. The act includes a $7,500 credit for people buying electric cars and extends the tax credit to 2032. The exact amount of the credit is based on a calculation that considers factors like the vehicle’s sourcing and assembly. Many states and public utilities also offer incentives for EVs and home charging systems.
An EV/electric vehicle does everything a gasoline car does — gets you around, operates the air conditioning, plays music — but uses stored battery power. Unlike hybrid cars, EVs do not burn any gasoline. Most people charge their vehicles at home, and many can achieve a "full tank" of charge overnight.
Read on to find out the 10 most popular electric vehicles sold in the U.S. over the past quarter. We've noted the range, the average starting price and if the vehicle is eligible for the $7,500 point-of-sale tax credit (now taken at the dealership). If you are interested in one of the models that des not qualify for the tax credit, remember that you can still get this advantage through the EV lease tax-credit loophole. We also include the "miles per gallon electric," or MPGe, which estimates how many miles you could travel in an EV on the equivalent energy use of one gallon of gas.
Units Sold: 101,301
Starting at: $44,630
Amount of available tax credit off starting price: $7,500 (for models under $80,000 MSRP)
EPA Fuel Economy MPGe (max): 117
EPA Range (max): 310 miles
With one of the best charging networks, high performance, and a minimal but luxurious interior, the Tesla Model Y is hugely popular. The Model Y became the top-selling car globally in 2023. That's the best-selling car — period — not just the best-selling EV. The car also won a "Top Safety Pick+" (the highest designation) for safety from the Insurance Institute for Highway Safety (IIHS).
Units Sold: 42,710
Starting at: $40,630
Amount of available tax credit off starting price: $7,500 for Performance model only
EPA Fuel Economy MPGe (max): 132
EPA Range (max): 342 miles
The Tesla Model 3 was originally released to be a more affordable option for buyers. Even with the "cheapest" price tag, the Tesla 3 still packs a punch. Sales of this entry-level Tesla are down 26% year-over-year for the second quarter of 2024. Some of the headwinds stem from competition from other EVs entering the market and consumers giving hybrid cars a second look.
Units Sold: 12,645
Starting at: $39,995
Amount of available tax credit off starting price: $0
EPA Fuel Economy MPGe (max): 111
EPA Range (max): 320 miles
The Mustang Mach-E is the first out of two Fords on our list. The Mach-E doesn't fit the "sporty" appeal of other past Mustang releases, but underneath, this EV packs up to 480 horsepower still giving you that classic Mustang feel when you put your foot down. Best yet? Under an agreement with Tesla in 2023, Ford EVs may charge up at Tesla Supercharger stations.
Units Sold: 11,906
Starting at: $39,950
Amount of available tax credit off starting price: Currently $0, but once these cars roll off the new manufacturing facility in Georgia later in 2024, they will be eligible for $7,500.
EPA Fuel Economy MPGe (max): 114
EPA Range (max): 303 miles
The Hyundai IONIQ 5 has one of the most novel designs of any vehicle on this list. It is one of the first EVs to offer vehicle-to-load (V2L), or the ability to tap the car's big battery for charging appliances. You may want to power your cellphone, coffee maker or refrigerator in the event of a hurricane or other disaster, or you may just want to take the car glamping. The car is rated a "Top Safety Pick+" by IIHS. The Hyundai Ioniq 5 also has one of the fastest charging speeds of any EV, juicing up from 10% to 80% in under 18 minutes at a level 3 (DC) 350 kW charger.
Units Sold: 8,755
Starting at: $60,990
Amount of available tax credit off starting price: $0
EPA Fuel Economy MPGe (max): Not available
EPA Range (max): 340 miles, or 470 miles with optional range extender pack
You either love the futuristic design of this truck, or you'd prefer a more traditional model like the Ford F-150 Lightning (number seven on our list). The Cybertruck has V2L capability, meaning you can charge appliances at any of the 110 or 220-volt outlets. The back seats in the Cybertruck have a touchscreen. The truck also has a suspension system that adjusts automatically to terrain and other advanced-tech features.
Units Sold: 8,137
Starting at: $69,900
Amount of available tax credit off starting price: $3,750 for models with an MSRP under $80,000
EPA Fuel Economy MPGe (max): 73
EPA Range (max): 400
This three-row electric powerhouse is Rivian's cool answer to the minivan. As you would expect from a family car, it has excellent safety features, garnering a "Top Safety Pick" award from IIHS. With four different battery sizes and multiple trim levels there are 20 different variations of this SUV, so do your research to get the exact car you want. As InsideEvs notes, this car's efficiency is a surprise; the largest battery pack, which should guzzle the most electricity per mile driven, is, in fact, the most efficient one.
Units Sold: 7,902
Starting at: $62,995
Amount of available tax credit off starting price: $7,500 for models with MSRP under $80,000
EPA Fuel Economy MPGe (max): 70
EPA Range (max): 320 miles
The F-150 Lightning wasn't the first electric truck to hit the road, but after its reveal in 2021, Ford received over 200,000 reservations. Since then, it has continued to be the top-selling EV truck. Under an agreement with Tesla in 2023, Ford EVs may charge up at Tesla Supercharger stations. One of the downsides of this truck is its lackluster safety rating.
Units Sold: 7,571
Starting at: $43,070
Amount of available tax credit off starting price: $0
EPA Fuel Economy MPGe (max): 119
EPA Range (max): 252 miles
Though several reviews for this car have been "meh," it is picking up in popularity, with a 286% rise in year-over-year Q2 sales, according to Kelly Blue Book data. Toyota ramped up hybrid cars and delayed a vigorous adoption of a full-EV lineup. This strategy looked pretty smart when EV sales cooled in the last two quarters, but the company has some catching up to do now that EV sales are back on track.
Toyota's BZ4X sits within a crowded lineup of electric SUVs and crossovers. Compare this model to the Tesla Model Y, the Volkswagen iD.4, the Hyundai Ioniq 5 the Subaru Solterra and the Kia EV6.
Units Sold: 7,294
Starting at: $57,195
Amount of available tax credit off starting price: $7,500 off models with an MSRP below $80,000
EPA Fuel Economy MPGe (max): 88
EPA Range (max): 308
This SUV from Cadillac comes with 500 horsepower and interior luxury called "opulent" in a review by Inside Hook. The car also offers a quiet ride, excellent seat comfort and excellent range. The one downside according to InsideEVs is that its DC fast charging time is a bit slower than the Tesla Model Y and some other competitors.
Units Sold: 7,066
Starting at: $52,200
Amount of available tax credit off starting price: $0
EPA Fuel Economy MPGe (max): 120 (for eDrive 35)
EPA Range (max): 318
The BMW i4 earned a perfect score from Car and Driver editors, who praised the car's comfort, sporty driving and traditional design. If you want an EV wrapped in a classic "normal" coupe style, this is a great option.
