Tesla, Inc. stock is trading higher on Wednesday, driven by recent data from Kelley Blue Book. The automotive research company ranked some of Tesla’s electric vehicles among the top of its “10 Best-Selling EVs in 2024” list.
The Details
The rankings placed Tesla’s Model Y and Model 3 as the best and second best-selling electric vehicles, respectively. However, Kelley Blue Book noted a decline in Tesla’s sales, with approximately 37,000 fewer cars sold in 2024 compared to 2023. This lost ground is attributed to increased competition in the market, with General Motors experiencing a similar increase in volume.
Best-Selling Electric Vehicles
The top-selling electric vehicles include:
- Tesla’s Model Y
- Tesla’s Model 3
- Tesla’s Cybertruck (ranked number five)
- Ford’s Mustang Mach-E
- Chevrolet’s Equinox
- Hyundai’s IONIQ 5
Electric Vehicle Market Growth
In 2024, electric vehicles accounted for 8.7% of all new cars sold. Kelley Blue Book’s parent company, Cox Automotive, predicts further growth in 2025, forecasting that factors such as improved charging infrastructure could boost electric vehicle sales to 10% or more of new cars sold.
Potential Impact of Government Policies
Notably, there are discussions about eliminating the $7,500 tax rebate on electric vehicle purchases. However, any changes would require approval from Congress.
Current Price Action
At the time of writing, Tesla stock is trading 8.04% higher at $428.08.
Market Outlook
The electric vehicle market is expected to continue growing, driven by increasing demand and improved infrastructure. As the market evolves, it will be important to monitor the impact of government policies and competition on the industry’s development.