Tesla, GM lead record U.S. EV sales this year as federal incentives end

Tesla and General Motors are leading the U.S. automotive industry this year in record domestic sales of all-electric vehicles, as consumers hurried to buy EVs before up to $7,500 in federal incentives for each purchase ended in September.

New data provided to CNBC from Motor Intelligence shows U.S. sales of EVs topped 1 million units through the first nine months of the year and set a new quarterly record of more than 438,000 units sold during the third quarter — achieving market share of 10.5% for the period.

That record market share is up from 7.4% during the second quarter and 7.6% during the first three months of the year, according to Motor Intelligence. Sales of all-electric models were estimated to be 1.3 million in 2024, with a roughly 8% market share.

U.S. EV industry leader Tesla, which does not report sales by region, is estimated to have retained its leadership position with a 43.1% market share through September, according to the data. That’s down from 49% to end last year, as competitors continue to release new EVs.