January 8, 2024

2024 electric vehicle outlook

There was no shortage of news about electric vehicles (EVs) in 2023. From Tesla price cuts to expanded tax credits, the ever-evolving industry saw many new developments.

As we begin 2024, EVs look to continue chipping away at sales shares with purchases expected to grow 20% globally, and many manufacturers will electrify their lineup for the first time. Tax credits will continue to make EVs more affordable, charging networks will continue to expand, and battery technology will continue to improve.

It promises to be another exciting year for EVs. Here are some of the biggest developments—and the most notable EV models—to anticipate in 2024.

The big picture

Toward the end of 2023, many media outlets were sounding the alarm bells about a slowdown in EV sales, some even going so far as to say the EV bubble had burst. BloombergNEF downsized its projection for 2024 EV sales by about 4.5% as Tesla's price war reduced EV costs, interest rates on loans continued to stay above 6% and some manufacturers announced they were curbing some of their ambitious plans to electrify their vehicles.

Nonetheless, many of these red flags may be nothing more than red herrings. According to S&P Global Mobility, battery electric passenger vehicles still posted roughly 9.6 million sales globally in 2023, for a 12% share of passenger vehicle sales. That’s expected to jump to 13.3 million in 2024—a 16.2% market share. In other words, growth is expected to continue, even if it’s at a slightly slower pace than originally forecasted.

While some price cuts have been alarming or indicative of supply that outpaced demand, many are encouraging signs that technology and manufacturing advancements and pricing are bending toward equilibrium. As battery production costs drop and efficiencies improve, prices are entering a more affordable range for many consumers.

The state of the EV tax credit in 2024

The Inflation Reduction Act expanded the existing EV tax credit to include more new and used vehicles for the first time. However, the details about which cars qualify for the credit continue to fluctuate.

The IRS announced its updates to EV tax credits in November 2023 for the 2024 year, and its list shrunk dramatically, from 43 to 19 eligible EVs. These adjustments were largely due to supply chain issues, which led to sourcing certain components outside the US. Many manufacturers, including General Motors, Ford, and Nissan, expect to be eligible for the full incentive soon due to sourcing changes. GM also noted that it would provide an equivalent credit to dealers while certain models wait to regain eligibility.

As of early January 2024, the following vehicles are eligible for a full or partial tax credit if placed in service the 2024 tax year:

Vehicle	Model years	Tax credit amount	MSRP limit
Chevrolet Bolt EUV	2022-23	$7,500	$55,000
Chevrolet Bolt EV	2022-23	$7,500	$55,000
Chrysler Pacifica	2022-24	$7,500	$55,000
Ford Escape PHEV	2022-24	$3,750	$80,000
Ford F-150 Lightning (Standard Range)	2022-24	$7,500	$80,000
Ford F-150 Lightning (Extended Range)	2022-24	$7,500	$80,000
Jeep Grand Cherokee 4xe	2022-24	$3,750	$80,000
Jeep Wrangler 4xe	2022-24	$3,750	$80,000
Lincoln Corsair Grand Touring	2023-24	$3,750	$80,000
Rivian R1S Dual Large	2023-24	$3,750	$80,000
Rivian R1S Quad Large	2023-24	$3,750	$80,000
Rivian R1T Dual Large	2023-24	$3,750	$80,000
Rivian R1T Dual Max	2023-24	$3,750	$80,000
Rivian R1T Quad Large	2023-24	$3,750	$80,000
Tesla Model 3 Performance	2023-24	$7,500	$55,000
Tesla Model X Long Range	2023-24	$7,500	$80,000
Tesla Model Y AWD	2023-24	$7,500	$80,000
Tesla Model Y Performance	2023-24	$7,500	$80,000
Tesla Model Y RWD	2024	$7,500	$80,000

New EVs hitting the market in 2024

There’s perhaps no brighter sign of life in the EV market than the fact that there are plenty of new EVs slated for release in 2024. We’ll still have to wait a few years for the highly anticipated Apple car, but there are many models to get excited about this year. Here are six worth noting.

Acura ZDX

The ZDX marks Acura’s first entry into the EV race. Developed in partnership with GM, this midsize crossover will feature single or dual electric motors that boast an estimated 340 horsepower. It comes in rear-wheel drive (RWD) or all-wheel drive (AWD), and both models run on a 102-kilowatt battery, which offers 325 miles (RWD) or 315 miles (AWD) of range. The Acura ZDX is scheduled to arrive in early 2024 and retail for $60,000–$70,0000.

Chevrolet Silverado EV

The Silverado is a household name among pickup lovers, and its all-new EV version represents an exciting step forward. The frame and suspension are modeled after the GMC Hummer EV Pickup, and it boasts GM’s unique Ultium battery system. Chevy will offer two variants—one commercial fleet truck version for towing and utility and a second for performance and luxury. Both will offer an impressive 450-mile range, but only the top-end model will go from zero to 60 mph in under 4.5 seconds. Look for the work truck in spring, with an MSRP of $79,800. The performance edition is scheduled for a fall arrival and will retail at $105,000. Less expensive models will follow after the fall with starting prices beginning at $50,000.

Fiat 500e

With most EV models trending toward more room and longer range, Fiat is targeting a different kind of buyer: the stylish city driver. The classic mini-car’s EV debut will still sport a retro-modern design while offering roughly 150 miles on a single charge. One particularly appealing spec? Fiat claims you’ll be able to add 30 miles with just a five minute pit stop at a DC fast charging station. Look for the Fiat 500e in 2024 with a price tag of $29,000–$34,000.

Volvo EX30

Volvo’s smallest crossover will be coming to the US in 2024 as one of its most affordable vehicles. Targeting the urban crowd, Volvo’s EX30 will benefit from single-motor rear wheel drive and dual-motor AWD drivetrains giving EV owners up to 275 miles of range, thanks to efficient motors and a 69 kWh battery. With 153 kW DC fast charging capabilities, the EX30 takes only 27 minutes to charge to 80%, perfect for road trips. The EX30 will be coming stateside in the summer of 2024 with a price tag starting at $34,950.

Honda Prologue

Honda is finally stepping into the EV game with this highly anticipated midsize SUV, which will be similar in size to the Passport. Like other similar models, the Prologue will offer two-wheel and AWD options with a range of around 300 miles. The name hints that this will be the first of many EV entries for Honda. Preorders began in late 2023, and deliveries should start rolling out early in 2024. Pricing is expected to fall in the $47,000–$59,000 range.

Polestar 4

Polestar furthers its reputation for upending conventions and pushing EV design forward with this intriguing new model. Billed as a coupe but sharing some features with SUVs, the Polestar 4 stands out for its missing rear window, which is replaced with a roof-mounted rear camera. Look for a single-motor, RWD version and a dual-motor AWD version with over 300 miles of range and a 3.8 second zero-to-60 mph time. The Polestar 4 will retail at $60,000 and arrive in late 2024.

These are just a few of the top 2024 electric vehicles. Read about more upcoming EVs at Consumer Reports.

Other factors affecting the 2024 electric vehicle outlook

More broadly, a few other developments promise to shape EV demand and drive sales forward in 2024 and beyond.

First, Tesla renamed its proprietary charging connecter the North American Charging Standard (NACS) and opened the technology for any manufacturer to use. This shift will make charging more available to all vehicles without an adapter. Enel X Way has already announced plans to include NACS connectors on all JuiceBox^® chargers, beginning in 2024.

At the same time, the nation’s charging infrastructure continues to expand under the federal government’s aggressive plan to build a network of 500,000 public chargers. Additionally, advanced battery technologies such as solid-state batteries continue to make headway. These developments are paving the way toward a future where range anxiety is a thing of the past.

Finally, the downward price pressures are likely to continue, and that’s a good thing for EV adoption. With supply far ahead of demand, prices of new and used EVs dropped dramatically in 2023, even as sales rose. Coupled with tax credits, the average EV has dropped from 30% to only 10% more expensive than a similar gas-powered vehicle.

Upgrade to an electric vehicle in 2024

Together, these changes will help remove key barriers to EV adoption. As newer and more advanced models continue to hit the market, 2024 will be another exciting year in vehicle electrification.

Are you considering an electric vehicle this year? Tax credits can help you reduce the cost to purchase an EV and charging equipment. Enel X Way’s JuiceBox chargers offer WiFi-enabled smart charging with a range of installation options to charge your new or used EV from the comfort of your own home.

Explore our full selection of JuiceBox home charging stations

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