How Many EVs Are in the US?
Quick Answer
About 4 million electric vehicles were on the road in 2024, according to Experian data. EVs now account for 1.4% of all vehicles in the U.S. Tesla models are the most popular; California accounts for the majority of new EV registrations.
Nationwide, there were about 4 million electric vehicles (EVs) on the road in 2024, accounting for 1.4% of all vehicles in the U.S., according to Experian Automotive's Electric Vehicles: 2024 Year in Review report.
How Many EVs Are on the Road in the U.S.?
Of the 292.3 million cars on the road in the U.S. in 2024, a little over 4 million (or 1.4%) were EVs. The percentage of U.S. vehicles that are EVs has risen steadily, increasing from less than 1% in 2022.
How Many New EV Registrations Were There in 2024?
Out of 12.4 million new vehicle registrations in 2024, approximately 1.1 million (9.2%) were for EVs. That's an increase from 2023 and 2022, when EVs accounted for about 8% and 6% of new vehicles, respectively.
Learn more: Do Hybrid and Electric Cars Really Save You Money?
Top 5 New EV Registrations by Make and Model in 2024
Teslas far outstrip EVs from other automakers in popularity, as shown by the table below, which breaks down new EV registrations by make and model. The three most popular EV models in the U.S. in 2024—the Tesla Model Y, Tesla Model 3 and Ford Mustang Mach-E—also ranked in the top five in 2023 and 2022.
| Make and Model | Percentage of New, Retail Individual EV Registrations |
|---|---|
| Tesla Model Y | 31.79% |
| Tesla Model 3 | 13.06% |
| Ford Mustang Mach-E | 4.1% |
| Hyundai IONIQ 5 | 3.82% |
| Tesla Cybertruck | 3.18% |
Source: Experian Automotive's Electric Vehicles: 2024 Year in Review report
Learn more: Buying an Electric Car: Pros and Cons to Consider
Top 7 Designated Market Areas for New EV Registrations in 2024
The following table shows the top markets for new retail EV registrations in 2024. California cities lead the pack, with a total of 302,000 EVs registered in the state in 2024. That's not surprising, as California offers a wide range of rebates and incentives for buying or leasing EVs.
| Designated Market Area | Number of New, Retail Individual Registrations |
|---|---|
| Los Angeles | 180K+ |
| San Francisco | 91K+ |
| New York | 86K+ |
| Miami | 39K+ |
| Seattle | 39K+ |
| Denver | 38K+ |
| San Diego | 31K+ |
Source: Experian Automotive's Electric Vehicles: 2024 Year in Review report
Learn more: Should I Lease or Buy an EV?
New EV Buyers by Generation in 2024
Most new EVs are purchased by Generation X and millennial buyers. However, all generations are getting in on the EV act.
| Generation | Percentage of New, Retail Individual EV Registrations |
|---|---|
| Generation Z (1997-2012) | 7.81% |
| Millennial (1981-1996) | 30.58% |
| Generation X (1965-1980) | 37.91% |
| Baby Boomer (1946-1964) | 20.67% |
| Silent Generation (1928-1945) | 2.88% |
Source: Experian Automotive's Electric Vehicles: 2024 Year in Review report
How to Buy or Lease an EV
If you're ready to join the EV crowd, here's how to buy or lease an EV.
- Check your credit. A FICO® ScoreΘ of 670 or more is considered a good credit score, which can increase your chances of qualifying for favorable loan or lease terms. Check your credit report and credit scores to see where you stand before heading to the dealership. If your score isn't what you'd like, actions such as paying bills on time and paying down debt could help improve it and potentially save you money on your EV.
- Set a budget. Assess how big a down payment you can make and use an automotive website like Edmunds or Kelley Blue Book to estimate your current car's trade-in value. Review your budget to see how much you can afford to spend on car payments and other monthly car expenses, like insurance, maintenance and charging costs.
- Choose the car you want. Evaluate your EV options and test drive some cars. Research prices to narrow down the make and model you're interested in. You can use a car loan calculator to see if the car you want is within your price range.
- Decide whether to buy or lease. Although EVs can save you money in the long run, they usually cost more upfront than comparable gas-powered vehicles. Leasing can get you into an EV with a lower down payment, lower monthly payment and minimal maintenance costs, but you won't own the car when the lease is up. Purchasing an EV could qualify you for tax credits, rebates and other incentives, and you'll build equity in the vehicle as you pay down your loan.
- Shop around for financing. Auto loans are available from dealerships, banks, online lenders and credit unions. Leases are typically financed through dealerships, but some third-party lenders offer lease financing as well. Comparing offers from at least three sources and getting preapproved can give you more negotiating power at the dealership.
- Negotiate your lease or purchase terms. Dealers try to get you to focus on monthly payments, but the total cost of leasing or financing the vehicle matters more. Be sure you understand any mileage restrictions or other requirements on a lease, and avoid unnecessary add-ons, such as service contracts, which add to your costs.
Learn more: How to Get Your Credit Ready to Buy a Car
The Bottom Line
Whether you plan to buy or lease your electric vehicle, getting your credit in the best possible shape first could qualify you for a lower interest rate on your loan or lease agreement. Along with practicing good credit habits like making timely payments and reducing credit utilization, consider signing up for Experian Boost®ø. This free feature adds your eligible cellphone, utility, rent and insurance payments to your Experian credit report, which could help improve your credit score.
What makes a good credit score?
Learn what it takes to achieve a good credit score. Review your FICO® Score for free and see what’s helping and hurting your score.
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About the author
Karen Axelton
Karen Axelton specializes in writing about business and entrepreneurship. She has created content for companies including American Express, Bank of America, MetLife, Amazon, Cox Media, Intel, Intuit, Microsoft and Xerox.
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