With over 344,000 EVs sold last quarter, the U.S. has overtaken Europe in EV adoption – and industry insiders say this is only the beginning.
The United States has officially overtaken Europe in EV sales, setting a new record in the third quarter of 2024 with 344,000 electric vehicles sold, marking a major shift in global electric car trends. For the first time, the U.S. stands as the world’s second-largest EV market, trailing only China. This milestone reflects a growing enthusiasm for EVs across the country, despite the often polarized conversations about electric cars and their impact on the market.
In September alone, the U.S. saw over 104,000 new electric cars on the road, while global EV sales reached 1.05 million, capturing an impressive 18.6% of the global vehicle market share. Total global EV sales by the end of September hit 10.6 million for 2024, showing strong momentum worldwide.
Meanwhile, Europe’s EV growth is slowing down. While countries like Belgium, Denmark, Italy, Norway, and Portugal saw EV sales rise by over 30% year-over-year in September, others—particularly Germany—have been struggling. Germany’s EV sales only grew by 8.7% in September after it cut EV subsidies, showing how financial incentives can significantly impact the market. Still, countries such as Hungary, the Netherlands, and Spain recorded over 50% increases, indicating that demand is still strong in parts of Europe.
Despite some countries showing healthy growth, European automakers like Mercedes-Benz and Volkswagen are experiencing slowdowns and facing challenges. For instance, Mercedes-Benz reported a 31% drop in EV sales in the third quarter, which has impacted the company’s position. Volkswagen, another European carmaker, is even considering factory closures due to lower EV demand. BMW and Volvo, however, remain bright spots, while Tesla continues to lead in Europe with the Model Y as one of the continent’s top-selling EVs.
China, however, continues to be the dominant player in the EV industry. Chinese carmakers sold over a million EVs in September alone, with BYD leading the charge and nearly doubling Tesla’s sales. The country is also seeing a quick decline in internal combustion engine vehicles, which now make up only 54% of the market—a clear sign of China’s rapid shift to electrification.
Ben Nelmes, CEO of New AutoMotive, emphasized that while EVs are gaining traction worldwide, Europe is starting to lose its lead. He attributes this to cuts in incentives and tariffs and a potential rollback in emissions regulations. Nelmes believes that Europe must decide whether to continue pushing forward with EV initiatives or risk losing jobs, investments, and its competitive edge in the clean vehicle industry.
Back in the U.S., the momentum for EVs continues to build, with Tesla seeing a boost from the recent Cybertruck rollout and GM making a comeback with models like the Cadillac Lyriq and the Chevy Equinox EV. While Europe still has a considerable EV market, its slowing pace of growth serves as a reminder that the race to electrify transport is far from over.
Looking forward, it remains to be seen how Europe will adapt to changing market dynamics. As for the U.S., it seems like the market for electric vehicles is just starting to find its footing. With incentives in place and more models coming from automakers, the EV trend shows no signs of slowing down.
