Tesla’s Model Y comprised over a third of all Q1 EV sales in the U.S.

2024.04.14 3 min read

The Tesla Model Y sales comprised over a third of all electric vehicle (EV) sales in the U.S. in the first quarter, as shown in new data released this week.

Automotive sales data from Kelley Blue Book shows that EV sales growth slowed down in the first quarter, and while dominant market leader Tesla wasn’t immune to these effects, the U.S. automaker’s sales remained far ahead of competitors. While Tesla’s sales overall represented 51.3 percent of the overall EV segment, the Model Y alone led the pack, making up a 35.4 percent segment share overall with 96,729 units sold.

Credit: Cox Automotive/Kelley Blue Book

Tesla’s Model 3 sedan followed behind the Model Y with an 11.3 percent segment share, while the rest of the top five included the Ford Mustang Mach-E (3.5 percent), the Rivian R1S (2.9 percent) and the Ford F-150 Lightning (2.8 percent). However, EV market share across all vehicle sales landed at 7.3 percent in Q1, down from 8.1 percent in Q4 and from the 7.6 percent across all of 2023.

“Electric vehicle sales in the U.S. declined during Q1 2024 – the first quarter-over-quarter downturn since Q2 2020,” said Stephanie Valdez Streaty, Cox Automotive’s Director of Industry Insights.

“As anticipated, Tesla’s sales took a hit, influencing the overall market dynamics. However, a few brands saw significant EV sales increases, achieving over 50% year-over-year growth. As noted in January, we are calling 2024, ‘the Year of More’. More new products, more incentives, more inventory, more leasing and more infrastructure will drive EV sales higher this year. Even so, we’ll continue to see ups and downs as the industry moves towards electrification.”

Tesla last year made up over half of all U.S. EV sales with the Model Y and Model 3, and beyond the country, the Model Y went on to become the world’s best selling vehicle overall in 2023. The data also comes just weeks after reports noted that the adoption of battery-electric vehicles (BEVs) had reached a crucial tipping point in 31 countries worldwide, and ahead of EV sales targets aiming to phase-out gas vehicle sales over the next six years.

Top 10 EVs sold in the U.S. in Q1

Tesla Model Y — 96,729 units; 35.4 percent
Tesla Model 3 — 30,842 units; 11.3 percent
Ford Mustang Mach-E — 9,589 units; 3.5 percent
Rivian R1S — 8,017 units; 2.9 percent
Ford F-150 Lightning — 7,743 units; 2.8 percent
Chevy Bolt EV/EUV — 7,040 units; 2.6 percent
Hyundai Ioniq 5 — 6,822 units; 2.5 percent
Volkswagen ID.4 — 6,167 units; 2.3 percent
Cadillac Lyric — 5,800 units; 2.1 percent
Tesla Model X — 5,607 units; 2.1 percent