The most valuable EV company in the world is based in the US, but Americans are buying fewer battery-powered vehicles.
EV sales in North America fell 1% this year compared to 2024, according to data from supply chain data firm Benchmark Mineral Intelligence. The dip comes as the US has faced a combination of policy changes, tariffs, and supply chain upheavals this year.
There were 1.7 million EVs sold in North America between January and November — far behind the 11.6 million sold in China and below the 3.8 million sold in Europe.
US automaker execs have been sounding the alarm bells on sales. In September, Ford CEO Jim Farley predicted that the EV market share in the US would nearly halve to around 5% in the near term.
Benchmark Mineral Intelligence cited the $7,500 EV tax credit ending in September as a reason for “subdued” sales in the US, along with the Trump administration relaxing rules for automakers designed to encourage the transition to EVs and hybrids.
Elon Musk’s Tesla has had a rocky year in almost all of its biggest markets, but it weathered the October drop-off better than its rivals, according to separate data from Cox Automotive. The world’s most valuable car company, however, is facing a race against time to avoid a second consecutive year of declining sales.
Other US EV makers have been hit by slowing demand, with GM and Rivian both announcing layoffs in recent months.
China’s overall EV sales were up 19%. While BYD, the country’s biggest EV maker, hit a rough patch in its home market amid rising competition from local startups, it set a record for EV exports in October.
Globally, EV sales were up 21% compared to last year, the Benchmark Mineral Intelligence data showed.
“Overall, EV demand remains resilient, supported by expanding model ranges and sustained policy incentives worldwide,” said Charles Lester, data manager for Rho Motion, the Benchmark subsidiary behind the report.
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