Elon Musk's Tesla Dominates US EV Market With 3 Of Top 5 Best-Selling Models In Q3

The three top-selling electric vehicles in the U.S. in the third quarter were all from EV giant Tesla Inc. (NASDAQ:TSLA), according to estimates from automotive research company Kelley Blue Book (KBB.)

What Happened: According to KBB’s estimates, the best-selling EV in the three months from July to September was the Tesla Model Y – 86,801 units of the Model Y were sold in the country, seconded by the Tesla Model 3 of which 58,423 units were sold.

While the top two best-sellers were rather expected given the popularity of the electric Tesla SUV and sedan among EV consumers, the third best-seller is relatively unexpected.

Tesla sold 16,692 Cybertrucks in the quarter, outselling not just other EV trucks such as the Rivian R1T or the Ford F-150 Lightning but also other popular EVs such as the Honda Prologue and the Ford Mustang Mach-E to be the third best-selling EV in the U.S.

While Model Y continues to top the chart as the best-selling EV in the U.S., its sales in the third quarter fell 9% as compared to the corresponding quarter last year. Model 3 sales, meanwhile, witnessed a nearly 10% jump to tally.

Overall, Tesla sold 166,923 units in the U.S. in the three months, or 6.6% more than Q3 2023.

The Low-Sales EVs Of Q3: The EVs that saw minimal sales in the quarter include the Chevy Bolt EV, of which General Motors (NYSE:GM) stopped production late last year, the Genesis G80, and the Mercedes E-Sprinter.

Only 30 units of the Mercedes E-Sprinter were sold through the quarter.

The Runners Up: While Tesla was the best-selling EV brand in the quarter, GM took the position of the second best-selling EV maker in the U.S. with 32,095 units sold, thanks to strong sales from three of its core brands- Cadillac, Chevrolet, and GMC. GMC’s EV sales, in fact, jumped by about 300% to 4,692 units, thanks to the rise in sales of its Hummer EV.

Korean automaker Hyundai Motor Group holds the third position with 29,609 units sold in the U.S.

Altogether, 346,309 BEVs were sold in Q3 2024 in the U.S., a 5% increase from Q2, and EV share of sales hit 8.9%, according to KBB.

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Photo courtesy: Tesla