EV sales remain strong despite early stumbles in the US market this year. Volatile battery metal prices and high inflation, amid other reasons, have caused sales slowdowns. But in the US, Kelley Blue Book reports that 330,463 EVs were sold during the second quarter of 2024, an 11.3% boost over the same period in 2023, and 23% better than during the first quarter.

Increased competition has led to continued price pressure. GM and Tesla had the worst starts to 2024, though Tesla continues to dominate sales in the US, with its model Y crossover SUV taking top place among EVs.

In 2023, nearly one in five cars sold on the global market was electric, 95% of which were in China, Europe and the United States, according to the Global EV Outlook 2024 by the IEA.

Trends in electric cars – Global EV Outlook 2024 – Analysis - IEA