2024 was a landmark year for electric vehicles, packed with groundbreaking innovations, industry shakeups, and milestones that pushed the EV revolution into overdrive. From record-setting sales numbers to surprising shifts in strategy by major automakers, the past year has redefined what the future of transportation looks like.
In this recap, we break down the biggest stories, key trends, and pivotal moments that shaped the electric vehicle industry in 2024. Whether you’re an EV enthusiast or just curious about what’s driving the future of mobility, this roundup covers it all. Let’s dive into the electrifying highlights of 2024!
January
January marked key milestones in the EV sector, with global plug-in car registrations exceeding 1 million units, a 63% year-over-year increase, showcasing rapid adoption worldwide. BYD (BYDDY) expanded into Europe by shipping 5,000 EVs, aiming to strengthen its market presence. Meanwhile, Hertz (HTZ) announced plans to downsize its EV fleet, citing weak demand and Tesla’s price cuts accelerating depreciation.
In other developments, Mazda (MZDAY) adopted Tesla’s (TSLA) North American Charging Standard (NACS) for future EVs, ensuring customers access to Tesla’s extensive Supercharger network.
February
February saw significant developments across the EV sector. Ford reported an 81% year-over-year surge in electric vehicle sales, reaching 6,368 units, reflecting growing consumer demand for its expanding EV lineup.
On a global scale, plug-in electric car registrations experienced a modest 3% growth due to a temporary slowdown in China during the Lunar New Year, but overall market momentum remained strong.
Stellantis (STLA) announced its adoption of Tesla’s North American Charging Standard (NACS), ensuring future EV models gain access to Tesla’s extensive Supercharger network, enhancing charging convenience for customers. Meanwhile, Rivian (RIVN), faced with market pressures, reduced its salaried workforce by 10% to streamline operations and cut costs.
General Motors (GM) also made headlines with an $18.6 billion deal with LG Chem (051910.KS), securing crucial battery materials to bolster its EV production capabilities.
March
March brought significant updates in the EV industry, starting with Apple (AAPL) quietly halting its decade-long pursuit of an electric vehicle, citing challenges in competing with established automakers. Meanwhile, Xiaomi (XIACY) announced its first electric SUV, the YU7, set to launch mid-year, signaling its deeper push into the growing Chinese EV market.
Nissan (NSANY) unveiled an aggressive EV expansion strategy, focusing on advanced battery development and cost reductions to accelerate adoption and boost sales. Volvo’s (VOLV-B.ST) EX30 electric SUV received multiple accolades, including Carwow’s Car of the Year, highlighting its innovation and market appeal.
Rivian introduced its R2 SUV, priced at $45,000, alongside the more affordable R3, aiming to capture budget-conscious consumers in the electric vehicle space.
April
April highlighted contrasting trends in the global automotive landscape. Global EV sales saw a 25% year-over-year increase, with 1.2 million plug-in electric vehicles registered, reflecting the sustained shift towards electric mobility worldwide.
However, in the UK, automotive production experienced a 7% decline compared to the previous year, marking the second consecutive month of reduced output. This drop was attributed to manufacturers phasing out traditional models as they transitioned to electric vehicle production.
Meanwhile, Ford (F) adjusted its EV production plans, retiming the launch of several upcoming models from its Oakville, Ontario, plant. The automaker emphasized its focus on building advanced manufacturing systems to support next-generation EVs, signaling a commitment to scaling its electric lineup despite the adjusted timelines.
May
May 2024 marked notable advancements in the EV sector. Ford reported a 65% year-over-year surge in EV sales, with 8,966 units sold, driven by strong demand for the Mustang Mach-E and F-150 Lightning.
Meanwhile, the U.S. revised its EV tax credit rules to expand eligibility, addressing previous limitations that qualified only 22 out of 104 EV models. This move aims to boost consumer adoption and encourage manufacturers to align with updated requirements.
Chevrolet began deliveries of the 2024 Equinox EV, a compact SUV priced around $30,000, built on GM’s Ultium platform, targeting affordability and mass-market appeal.
On the other side of the globe, Chinese EV maker Nio (NIO) announced a strategic shift toward enhancing cost control and efficiency. Nio plans to double sales by 2025, supported by the introduction of budget-friendly models like the Onvo L60 SUV, reflecting the competitive dynamics of the global EV market.
June
June 2024 saw notable developments in the EV industry, starting with Waymo’s significant expansion of its robotaxi services in San Francisco, operating 300 driverless Jaguar I-Paces around the clock.
This service, now handling over 10,000 weekly rides, reflects the growing push for autonomous mobility. Rivian also made headlines as its stock surged 13%, bolstered by optimism around its EV charging network and its partnership with Amazon (AMZN) to deliver 100,000 electric vehicles by 2030.
Meanwhile, EV prices continued to decline as dealership inventories increased, making electric vehicles more competitive with traditional gas-powered cars. Lucid Motors achieved a milestone in efficiency, with its Lucid (LCID) Air (RWD) recording an industry-leading 5 miles per kilowatt-hour.
On the other hand, Fisker faced challenges, recalling over 12,000 Ocean SUVs globally due to a safety risk with exterior door handles, marking its third recall in the month.
July
July 2024 showcased significant developments in the global EV landscape. Tesla’s Cybertruck demonstrated strong market demand, with 5,175 units registered, nearly equaling the combined sales of competing electric trucks.
However, Tesla still faces a backlog of 2 million preorders, prompting a price hike to nearly $100,000. Meanwhile, new car sales in the European Union remained flat, with a modest 0.2% increase. Battery-electric vehicle sales, particularly in Germany, slumped by nearly 37%, though electrified vehicles overall accounted for 50.9% of new registrations, reflecting a growing shift towards hybrid and electric models.
In Southeast Asia, BYD expanded its presence by launching the M6, a battery-electric multi-purpose vehicle, in markets such as Indonesia, marking it as the region’s first mass-produced electric MPV. The UK’s used EV market also surged, with sales of battery-electric vehicles rising 57% year-over-year, reaching 53,423 units and accounting for 2.7% of the used car market.
August
August marked significant progress in the electric vehicle (EV) sector. In the U.S., EV sales reached record highs, with plug-in electric vehicles (PEVs) accounting for 10.2% of total light-duty vehicle sales, equating to 145,027 units—an impressive 17.3% year-over-year growth. Meanwhile, BYD surpassed the milestone of 1 million EV sales for the year after recording 148,470 sales in August, reflecting its rapid growth and dominance in the market.
Incentives for EVs in the U.S. also hit a new peak, averaging 13.3% of transaction prices—over 80% higher than those for gasoline vehicles—further accelerating adoption. Ford announced an expansion of its electrification strategy, aiming to reach a broader customer base by offering more propulsion options with lower CO2 emissions.
September
September presented significant advancements in the electric vehicle (EV) industry across global markets. In the U.S., used EV sales rose alongside new EV sales, marking the sixth consecutive month with over 100,000 new EV units sold. EVs accounted for 9% of total vehicle sales, setting a new record for market share.
Similarly, the European EV market rebounded, with plug-in vehicles achieving a 6% year-over-year growth despite an overall market decline of 4%, highlighting the region’s growing commitment to electrified mobility.
Kia (000270.KS) also experienced a surge in EV sales, driven by the success of its new EV9 SUV, which contributed to record-breaking plug-in hybrid sales for September. Overall, U.S. EV sales in the third quarter hit a new high of nearly 350,000 units, supported by competitive lease deals, financing options, and an increasing number of affordable models.
October
October brought notable advancements and challenges in the electric vehicle (EV) sector. Tesla unveiled its Cybercab, an autonomous passenger vehicle, alongside a Robovan concept capable of carrying up to 20 passengers. Production for these innovations is slated for no earlier than 2026, showcasing Tesla’s push into autonomous transportation.
Waymo also expanded its robotaxi services, adding 24/7 driverless operations in San Francisco and planning expansions to cities like Atlanta and Austin, further solidifying its presence in autonomous mobility.
General Motors teased a next-generation Chevrolet Bolt EV, promising faster charging and multiple models to strengthen its EV portfolio. Meanwhile, Aptera, a solar EV startup, announced delays in its SEV deliveries due to funding challenges, describing its timelines as a “moving target.”
November
November saw significant developments in the EV industry, including Suzuki’s (SUK0.MU) debut in the mass-produced electric vehicle market with the e Vitara, a subcompact crossover SUV. Built on the Heartect-e platform, the e Vitara offers two battery options (49 kWh and 61 kWh) and will launch in India by March 2025, followed by European and Japanese markets.
Meanwhile, Pony.ai, a Guangzhou-based robotaxi startup, announced plans to expand its fleet from 250 to 1,000 vehicles by 2025, citing lower production costs and advancements in technology.
Huawei introduced the Maextro S800, an electric luxury sedan equipped with advanced autonomous driving capabilities and a cutting-edge infotainment system. Designed to compete with established players like Tesla, the Maextro S800 reflects Huawei’s growing ambitions in the EV sector.
In financial news, Rivian secured a $6.6 billion lifeline from investors to sustain its operations and scale production. The funding reinforces Rivian’s position as a key player in the EV market, as the company strives to meet demand for its electric trucks and SUVs while achieving profitability.
December
December brought notable advancements in the global EV industry. Jaguar announced a bold rebrand, unveiling a futuristic design language as part of its transition to becoming an all-electric luxury brand by 2025. The new approach emphasizes sleek, modern aesthetics and advanced technology, signaling Jaguar’s commitment to redefining its legacy in the electric era.
In Abu Dhabi, Uber (UBER) partnered with WeRide (WRD) to introduce autonomous electric taxis in a pilot program aimed at revolutionizing urban mobility in the UAE. Meanwhile, Pope Francis received a bespoke electric vehicle from Mercedes-Benz (MBG.DE), continuing the Vatican’s push toward sustainability and demonstrating leadership in environmental stewardship.
Additionally, a new U.S. initiative was launched to develop a standardized charging framework for EVs, aimed at addressing compatibility issues and accelerating EV adoption by creating a seamless experience for drivers worldwide.
Charge Complete (Almost)
As 2024 draws to a close, it’s clear that this year has been a defining chapter in the evolution of electric vehicles. From major breakthroughs and bold strategies to the challenges that shape progress, the EV industry has continued to push boundaries and redefine what’s possible. The rapid pace of innovation and the growing global commitment to electrification highlight a shared vision for a sustainable and connected future.
As we eagerly await 2025, the anticipation for new technologies, models, and infrastructure developments grows stronger. With ambitious targets, groundbreaking projects on the horizon, and the momentum built in 2024, the upcoming year promises to further revolutionize the EV world. From advancements in battery technology to expanded charging networks, 2025 holds the potential to propel the electric revolution to unprecedented heights.
