Tesla is still by far the electric vehicle brand of choice in the U.S. But alternatives are gaining, albeit in small increments. I asked Kelly Blue Book what they think about the broader EV market in 2024.
First, let’s look at the latest market share figures from Cox Automotive, which owns Kelley Blue Book. Below are the EV manufacturers that made the biggest gains. These figures are for year-to-date through the second quarter compared to the same time period last year. Ranked in volume sold.
New arrivals — Chevy Blazer and Chevy Equinox: “New entries such as the Chevrolet Blazer EV and Equinox EV should also interest buyers seeking an electric vehicle that isn’t a Tesla,” KBB’s Degen said. “The 2024 Chevrolet Equinox EV combines a low starting price with the excellent range of pricier EVs,” KBB said in its review. The Blazer is pricier, larger and more spacious than the Equinox. The new Blazer EV “does many things well, including energy efficiency — maximum range is 324 miles. It looks like Chevrolet has a hit on its hands,” a KBB review said. The Blazer also offers better performance options, including a high-performance SS model with up to 557 horsepower. Both EVs come with an option for Super Cruise, General Motor’s hands-free driver assist technology.
Model 3 vs the competition: “The electric sedan segment isn’t quite as large but it, too, should grow in coming years,” according to Degen. “If someone were shopping for a Model 3, I’d encourage them to test drive the Hyundai Ioniq 6 before deciding,” said KBB’s Tucker. “It’s about the closest analogue in sedan form. The caveat is that, built in South Korea, it’s not eligible for the $7,500 federal EV tax incentive if you’re purchasing it. It is eligible as a leased car, though,” Tucker said. The best-selling non-Tesla electric sedan last quarter was the BMW i4. “Its starting price is a little higher than the Model 3’s, but overlaps its higher trims,” according to Tucker, adding that “the Model 3 has less competition because most automakers made their first EV an SUV.”
Hyundai Ioniq 5: “We think the Hyundai Ioniq 5 is the best electric SUV in its class,” Matt Degen, senior editor for Kelley Blue Book, said in an email. A KBB review says it has a spacious, slick interior and decent range for the price — over 300 miles. Another Model Y competitor is the Toyota bZ4X, which has only been around since the 2023 model year.
Ford Mustang Mach-E: Degen, citing KBB’s Best Electric SUVs of 2024 and 2025, recommends the Ford Mustang Mach-E. A KBB review said the Mach-E gets high marks for its hands-free driving system called BlueCruise. Range is also good, delivering up to 310 miles. The Premium AWD version gets about 290 miles.
- Ford: sold 44,180 EVs, a 71.8% jump over last year.
- Hyundai: sold 29,105 EVs, up 34.3% over last year.
- Kia: sold 27,634 EVs, a big improvement of 103.7% over last year.
- BMW: sold 24,794 EVs, a 38% increase over last year.
- Cadillac: sold 13,094 EVs, surging 465.4% over last year.
- Toyota: sold 9,468 EVs, up a sizable 158.8% from last year.
- Lexus: sold 5,639 EVs, up a whopping 404.8% compared to last year.
For the record, Tesla sold 304,451 EVs, a 9.6% drop from last year, with the vast majority of those sales being the Model Y (198,030) and the Model 3 (73,552).
Model Y alternatives: “In terms of a popular alternative, the best-selling non-Tesla EV last quarter was the Ford Mustang Mach-E, which is similar in size, price, and performance to the Model Y,” Sean Tucker, lead editor for Kelley Blue Book, told me. “The next best-seller was the Hyundai Ioniq 5, about which you could say almost the same thing,” he said.