Americans bought 2% more cars in the first half of 2024 than they did during the same period of 2023, but fewer of them were gas-powered.
Gas-powered car sales, year over year, are down 1%, according to Cox Automotive, Kelley Blue Book’s parent company.
Sales of electric vehicles (EVs) are up 4% during the same period. Americans bought a record 330,463 EVs in the second quarter.
Both changes are small, but Americans have poured rocket fuel on hybrid car sales. Americans are buying 41% more hybrids and 49% more plug-in hybrids (PHEVs) than last year. Plug-in hybrids are hybrid vehicles that can travel some distance — usually between 25 and 35 miles — on electricity alone before using gasoline.
Combined EV, hybrid, and PHEV sales are approaching 20% of the total new car market.
“The overall competitive landscape for electric vehicles is intensifying. This increased competition is leading to continued price pressure, gradually boosting EV adoption,” said Cox Automotive Industry Insights Director Stephanie Valdez Streaty.
EV market leader Tesla has seen its sales slip below 50% of the EV market as more automakers offer competitive EVs.
