![BEV sales in the US surged by 11% in Q3 2024 due to discounts and incentives 01]()
Battery-electric vehicle (BEV) sales in the US hit a new high in the third quarter of 2024, with a record 8.9% market share, according to Kelley Blue Book’s latest estimates. While the BEV market is still in its early stages in Malaysia, it’s worth noting how aggressive discounting and incentives are pushing BEVs to new heights in the US.
One of the major factors driving this growth is the sheer value of incentives and discounts for BEVs – on average, they account for more than 12% of the average transaction price (ATP), nearly double the 7% for internal combustion engine (ICE) and hybrid models. The strategy seems to be working, as US BEV sales grew by 11% year-over-year in Q3 2024.
![BEV sales in the US surged by 11% in Q3 2024 due to discounts and incentives 02]()
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Tesla continues to dominate the US BEV market, with a 6.6% rise in sales this quarter, bolstered by the Cybertruck. However, the real surprise came from Honda and Acura. A year ago, Honda America had no BEV sales, but in Q3 2024, they broke into the top five BEV brands, joining Tesla, General Motors, Hyundai, and Ford.
As the infrastructure in the US improves, Cox Automotive expects this growth to continue. But is this strategy sustainable? Time will tell.
The quest for automotive knowledge began as soon as the earliest memories. Various sources information, even questionable ones, have been explored including video games, television, magazines, or even internet forums. Still stuck in that rabbit hole.
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