Despite the Trump administration's executive orders attempting to block federal support of EVs, the federal EV tax credit is still alive, and a growing number of car buyers are taking advantage. Even if the tax credit did go away, experts say the momentum behind EV adoption would likely persist.
"EVs are going to continue to grow despite any political backdrop or any destroying of incentives or any nonsense," says Toby Kraus, co-founder and CEO of Lightship, an electric RV company. "The tipping point has happened."
As electric vehicles become more mainstream, it's telling to consider which ones are selling the best. Here's a breakdown of the top-selling models in 2024, according to Car and Driver, and what that says about EV trends.
The 10 bestselling EVs of 2024
| Vehicle | Units sold in 2024 |
|---|---|
| Tesla Model Y | 405,900 |
| Tesla Model 3 | 145,100 |
| Ford Mustang Mach-E | 51,745 |
| Hyundai Ioniq 5 | 44,400 |
| Ford F-150 Lightning | 33,510 |
| Honda Prologue | 33,017 |
| Tesla Model X | 31,400 |
| Chevrolet Equinox EV | 28,874 |
| Cadillac Lyriq | 28,402 |
| Tesla Cybertruck | 24,300 |
What do these vehicle sales tell us?
Elon Musk's Tesla has taken a hit since his political turn and role in the Trump administration's cuts to the federal government, with protests and boycotts tanking the company's stock price. But last year, Tesla's products dominated EV sales in the US, led by the Model Y.
Other automakers gained ground in 2024, however.
"It's really great to see more consumer options on the market," says Peter Glenn, founder of EV Life, an EV finance platform.
Hyundai and Kia have seen sales of their electric vehicles surge.
The Hyundai Motor Group, which includes Kia, has risen quickly to be the No. 2 overall seller of EVs, behind Tesla. "I've long been impressed with Hyundai and Kia," says Kraus, noting how the brands have caught up to early EV movers like Chevrolet and Nissan.
What has helped some of these other brands gain dominance is, ironically, the Tesla charging network, Glenn says. A big collection of brands are now compatible with Tesla's superchargers, making the vehicles more accessible to consumers concerned about public charging. And the Hyundai Ioniq 5 launched with a standard NACS charging plug that requires no adapter to plug into Tesla chargers.
Another trend on this list: SUVs are claiming more space in the EV market. Models like the Honda Prologue, Chevrolet Equinox and Cadillac Lyriq are tapping into the very American desire for big, powerful vehicles. SUVs with third-row seating, in particular, appeal to families who might be interested in going electric, Glenn says.
What might change in 2025?
Experts anticipate that EV sales will keep growing in 2025 as more models are released to meet more mainstream consumer needs.
Glenn says he'll be watching Tesla to see how Elon Musk's politics affect sales or if the brand itself is sticky enough with consumers to hold onto dominance. "It'll be interesting to see how it shakes out," he says.
Kraus is watching the emergence of "range-extender" EVs, which include an onboard generator that uses fossil fuels to juice the battery. (These are, technically, not plug-in hybrids, because the gas power is not used to power the wheels, but rather to charge the battery.)
Vehicles like the Ram 1500 Ramcharger fit into this range-extender category. Kraus expects they'll become popular with prospective EV buyers who still have some anxiety about battery range on extended road trips.
How to get a tax credit for an EV
If you're interested in buying an EV in 2025, you can still access the federal tax credit, which shaves $7,500 from the price on certain models. Here's a list of the vehicles that qualify this year.
Many car dealerships now offer the tax credit as a discount at the point of sale, which means you don't have to file for the tax credit later.
After checking to see if your vehicle qualifies for the discount, you'll want to ensure your income falls below the cutoff. And even if you get the federal discount at the dealership, don't forget to look into any additional state-level discounts.
