The US EV market closed out 2024 on a high note despite swirling uncertainty about the future of federal tax incentives. Cox Automotive’s newly released Q4 data shows a record 365,824 EVs sold – up 15.2% from the previous quarter – and annual EV sales of 1.3 million, a 7% increase from 2023.
We spoke with Stephanie Valdez Streaty, strategic planning director at Cox Automotive, about how these strong numbers underscore growing consumer interest in electrified transportation, even as key federal policies remain in flux.
Electrek: What role is leasing playing in growing EV adoption?
Stephanie Valdez Streaty: Notably, we continue to see leasing serve as a prime pathway for EV adoption. With purchase incentives subject to a variety of eligibility rules, many consumers have gravitated toward EV leases instead.
This “leasing loophole” has fewer restrictions, making it a particularly attractive option for those models that do not qualify for the full purchase tax credit.
In recent months, leasing rates have surged as automakers and dealers encourage consumers to take advantage of lower monthly payments, reduced risk of depreciation, and immediate federal subsidies funneled through the lessor.
While it’s difficult to tease out exactly how fears of expiring incentives fuel these numbers, there is little doubt that the current federal tax structure is helping put more EVs on the road.
Electrek: Which new EV models are driving sales growth, and what barriers are still slowing widespread adoption?
Stephanie Valdez Streaty: As always, Tesla’s Model 3 and Model Y continue to lead the pack, but Q4 data shows other models rapidly gaining ground.
Honda’s new Prologue vaulted to the No 3 spot for the quarter after launching in April, buoyed by strong brand recognition and pent-up demand.
Meanwhile, Chevrolet’s Equinox and Blazer EVs – delayed earlier by software issues – also contributed to higher sales once they came fully online.
Price remains the single biggest barrier for would-be EV buyers, and truly sub-$30,000 EVs are still scarce in the US market. Yet, with lower-priced models on the horizon – such as potential updates to the Chevrolet Bolt and new entries like the Kia EV3 – manufacturers are working to broaden consumer choice at more affordable price points. The arrival of these options in late 2024 and 2025 may help sustain the upward sales momentum.
Electrek: If the $7,500 federal Inflation Reduction Act EV tax credit is canceled by the Trump administration, what role could states play in terms of incentives for consumers?
Stephanie Valdez Streaty: Much of the future of EV adoption may hinge on the policy environment. In some states, generous incentives have significantly accelerated the shift to electric mobility. Colorado, for example, has combined its own rebate program with federal tax credits, making EV ownership increasingly accessible –and the state has seen one of the US’s highest jumps in EV adoption over the past year.
Meanwhile, California remains the largest single EV market, thanks to stricter emissions standards, robust incentives, and a strong charging infrastructure network. Many other states are now following suit by adopting California’s Zero-Emission Vehicle (ZEV) standards – effectively matching or exceeding federal requirements for EV adoption.
If federal consumer tax credits were to shrink or disappear, analysts suggest that more states could step in to fill the gap with their own subsidies. Whether or not they do, though, may largely depend on budget constraints and each state’s broader clean energy goals.
Electrek: How could the cancellation of the $7,500 EV tax credit impact the wider EV industry, such as manufacturing?
Stephanie Valdez Streaty: Billions of dollars in EV and battery-manufacturing investments have already flowed into the US, often into states with historically lower EV adoption rates. As these new plants come online, they will require a healthy level of consumer demand to reach scale. That reality ties the fortunes of federal incentives, state policies, and local economies more tightly together. If incentives vanish abruptly, these investments might be underutilized, potentially cooling the pace of the entire EV market.
Electrek:What are your predictions for the US EV market in 2025 and beyond, despite the lack of policy support from the Trump administration?
Stephanie Valdez Streaty: Looking ahead, the near-term forecast remains positive. Industry analysts project about a 10% EV market share by 2025, helped by the continued rollout of new models (up to 15 more hitting showrooms in the next year or two) and an improving charging network. Still, the growth rate will likely slow somewhat compared to the initial surge – typical of any maturing technology – and hinge on consumer confidence, price parity with gas-powered cars, and the reliability of fast-charging infrastructure.
The US still lags behind countries like China, where strong government policy and an abundance of competitively priced EVs have led to even faster adoption. However, the global trend toward electrification is unmistakable, and even if the US road has a few detours – whether in the form of changing incentives, evolving emission rules, or shifting consumer tastes – the trajectory is clear: EVs are well on their way to becoming a fixture of the American automotive landscape.
Ultimately, how quickly we get there depends on a confluence of factors, including continuing incentives, state-level action, and industry innovation. One certainty is that consumer awareness and acceptance of EVs will keep climbing, with new models, better infrastructure, and flexible financing options pushing the technology further into the mainstream. The destination is electric; the timetable, however, still hinges on what policymakers decide in the months and years ahead.
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GM has scrapped plans to build $55 million hydrogen fuel cell factory in Detroit, triggering a tsunami of headlines about the General’s future plans for hydrogen. The reality? GM isn’t scaling back its hydrogen efforts. It’s thinking bigger.
Like the great Sam Clemens, there seems to be plenty of confidence in the greater automotive press that GM’s decision to cancel a $55 millions fuel cell plant on the former Michigan State Fairgrounds site in Detroit. That plant, a JV with Southeast Michigan’s Piston Automotive, would have created ~140 jobs and built compact hydrogen fuel cells for light- and medium-duty vehicles under the Hydrotec brand.
The new Trump Administration put an end to that flow last week, however, terminating 321 financial awards for clean energy worth $7.56 billion.
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“Certainly the decisions of the DOE are an element of that overall climate but not the only driver,” explained GM spokesperson, Stuart Fowle, in a statement. “We want to prioritize the engineering talent and resources and everything we have to continuing to advance EVs given hydrogen is in a different spot.”
That spot is heavy-duty, off-highway, maritime, and data centers.
Bigger trucks, bigger fuel cells
Fuel cell semi truck; via Honda.
Instead of dying, GM is continuing on the hydrogen fuel cell it’s been on for literal decades – with no plans (publicly, at least) to shutter its Fuel Cell System Manufacturing joint-venture with Honda in Brownstown Township, MI.
That company is not just developing HFCs, they’re out there selling fuel cells today, to extreme-duty, disaster response, and off-highway equipment customers operating far enough off the grid that access to electricity is questionable and to data center developers for whom access to a continuous flow of energy is mission-critical.
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EVs are great, and can unlock more transportation convenience with the ease of charging at home. But for apartment-dwellers, this can be a complicated conversation. So a nonprofit called Forth is here to help, through its Charge at Home program.
One of the main benefits of an electric vehicle is in the convenience of owning and charging the car in the place it spends most of its time. Instead of having to go out of your way to fuel it, you just park it at home, in the same place it spends at least 8 hours a day, and you leave the house every day with a full charge.
But this benefit only applies to those with a consistent parking space which they can easily install charging at. When talking about owners who live in apartment buildings, it can sometimes get more complicated.
While certain states have passed “right to charge” laws to give apartment-dwellers a solution for home charging, apartment charging is nevertheless a bit of a patchwork solution so far.
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And as a result of this, EV ownership among apartment renters lags behind that of single-family homeowners. It’s clear that apartments are holding back people from buying EVs, and that’s bad – lots of people live in apartments, and the gas those cars use pollutes the air just as much as any other.
Certain areas where EVs have hit a point of critical mass (namely, the large California cities) have pretty good EV ownership among renters, but it could still be better. And residents are clamoring more and more for easy EV charging in apartment communities.
So, Forth, a nonprofit advocating for equitable access to clean transportation, set up a program called Charge at Home, which is meant to connect renters, apartment building owners or other decisionmakers with resources to help install chargers at multifamily properties.
The site lets you select your situation – a resident or a decisionmaker for a new or existing multifamily development – and then gives you access to tools for your specific situation, whether you be a resident and developer.
There are a lot of considerations for each of these projects, so it can be helpful to have someone with experience to help you go over it all. Personally, when talking to friends about getting an EV, charging considerations are usually the thing that takes up the bulk of the conversation.
So if the toolkits are still too daunting for you, Charge at Home is offering free charging consultations for multifamily developers, owners, property managers and HOAs.
The charging consultations will last through at least April 2026 – but it wouldn’t hurt to get your requests in soon. Forth may still offer consultations afterwards, but it all depends on funding availability (the program was previously funded by the Department of Energy, which has taken a turn). Regardless, the website will remain up for people to submit questions and find information, whether or not free consultations stick around.
But at the very least, as Forth points out, whether a multifamily development is interested in having EV charging at this moment or not, any developer should think about having the infrastructure, conduit and capacity ready to go for future install of EV chargers, and should consider the needs of current residents who are likely already considering EVs today.
It’s going to be necessary to install this capacity at some point, and doing so earlier can help save money down the line, make your development more attractive to renters today, and allow more renters to make the switch to cleaner transportation which helps air quality and to reduce climate change, both of which harm everyone on the planet.
Head on over to Forth’s Charge at Home site to get access to all the above resources – and to sign up for a consultation before the end of April if you’re a multifamily developer, owner, property manager or HOA.
Update: This article has been updated to account for an extension in program availability.
Electrek’s Take
I’ve long said that the only real problem with EVs is the problem of access to consistent charging for people who don’t have their own garage. Whether this be apartment-dwellers, street-parkers or the like, the electric car charging experience is often less-than-ideal outside of single family homes, at least in North America.
There are workarounds available, like charging at work, or using Superchargers in “third places” where you often spend time, but these still aren’t optimal. The best thing is just to charge your car wherever it spends most of its time, which is your home. When you do that, EVs outshine everything in convenience.
We’ve highlighted some projects before which showed how reasonable it can be to install charging for developments. Every project is going to have its complexities, but when you see projects like this condo complex that managed to install chargers for just $405 per parking spot, all of a sudden it becomes a no-brainer not to have EV charging.
But the fact is, there just aren’t enough apartment complexes out there which have EV charging. So if Forth’s Charge At Home program can help residents or landlords with that, it can go a long way towards solving the only real problem with EVs. Click here to check it out.
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Baltimore County, Maryland, just brought its first large-scale ground-mounted solar farm online, and it sits on what used to be the Parkton Landfill. The 213-acre site, once a symbol of waste, is now generating clean power that will cut costs, slash emissions, and turn an underused piece of land into a long-term energy asset.
Located north of Baltimore City, Baltimore County is one of Maryland’s largest and most populous counties, and its push toward renewables has major implications for the state’s climate and energy goals.
County Executive Kathy Klausmeier called the project a clear example of innovation meeting sustainability: “We are cutting costs for taxpayers and making investments that benefit our communities for decades.”
The new solar farm will provide around 11% of the Maryland county government’s annual electricity, producing roughly 8.2 million kilowatt-hours (kWh) in its first year. That’s the equivalent of avoiding greenhouse gas emissions from burning over 620,000 gallons of gasoline, powering more than 1,150 homes for a year, or driving 14 million fewer miles in gas cars, according to the EPA.
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The 7 MW system includes four large solar arrays of 15,000 ground-mounted photovoltaic panels. It’s part of a growing trend in the US to repurpose capped landfills for renewable energy, turning dormant properties into productive clean energy sites.
Through a power purchase agreement with TotalEnergies, which owns and operates the system, Baltimore County will lock in reduced electricity rates for 25 years, with options to extend the contract for up to 33 years. That long-term deal protects taxpayers from future electricity price hikes while advancing local climate goals.
“Adding another large source of solar electricity to power our County’s facilities reflects our community’s values of making smart investments that take care of the health of our community and environment,” said Greg Strella, the county’s chief sustainability officer.
TotalEnergies Managing Director Eric Potts called the project a “powerful example of transforming underutilized assets into productive resources,” pointing to the dual benefits of cutting emissions and saving money.
Baltimore County’s next landfill solar project, at Hernwood, is expected to come online by 2028. Once that system is up and running, renewables will supply about 55% of the county government’s electricity use.
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