In this article, we will go over the 20 best electric cars of 2024. If you want to skip our discussion about the EV industry, head over to the 7 Best Electric Cars of 2024.
The global electric vehicle market is growing at an extraordinary rate. It was valued at $384.56 billion in 2022, but it is expected to reach a whopping $1.57 trillion by 2030. The compounding annual growth rate (CAGR) during this forecast period is estimated to be 22.1%. Consumers' preference for environmentally friendly fuel and rising gas prices are two of the key driving factors for this impressive growth rate. It is also worth noting that Asia Pacific is the highest growth region for electric vehicles, and China has the largest market.
It is widely believed that EVs are more environmentally friendly compared to regular vehicles. They are more efficient at utilizing energy and have a significantly lesser carbon footprint. So, governments and organizations, around the world, are attempting to promote electric vehicles. For Instance, On April 12, 2023, the Environment Protection Agency announced a new set of federal vehicle emission standards aimed at speeding the sustainable transportation transition, which will reduce carbon dioxide by 10 billion tons. These standards will also enable the United States to eventually achieve independence from oil. However, despite this, exorbitant prices are discouraging customers from buying electric vehicles. It seems that EV companies are still charging customers the research and development costs that went into developing the technology. For perspective, Tesla, Inc. (NASDAQ:TSLA)'s Model X Plaid starts at $119,990.
The good news for consumers is that prices of EVs might drop soon as competition and production process efficiency increase. Interestingly, some technological breakthroughs meant to improve the convenience of electric cars may also help bring the costs down. One such technological advancement is the introduction of solid-state batteries, which may prove to be game changers in the EV industry. These batteries have greater energy storage density, which means that a similar-sized solid-state battery will give more mileage than an ordinary battery. In addition, they also charge much faster, which is a blessing for EV users. Solid-state batteries also have a reduced environmental impact compared to traditional batteries.
Finally, these batteries are also quite cost-effective. A significant portion of the money that users spend on buying an electric vehicle is spent on batteries, so solid-state batteries will help tame the prices in the future. Government incentives for purchasing an electric car, such as the federal government's tax credit of up to $7,500 for new vehicles purchased after 2023, also reduce the cost of owning it.
It is worth noting that solid-state batteries have only recently gone into mass production. Some renowned companies like Tesla, Inc. (NASDAQ:TSLA) have not yet moved to solid-state technologies. The company has invested heavily in its current battery technology in the form of Gigafactories. These factories are designed to produce lithium-ion batteries at an unprecedented scale. So, shifting to solid-state batteries would require substantial retooling and reengineering of these facilities, which would not only be costly but also time-consuming.
Meanwhile, some companies are focused on producing affordable electric vehicles. One such company is General Motors Company (NYSE:GM). Its Chevrolet Bolt EV is one of the most affordable EVs in the market. General Motors Company (NYSE:GM)'s Chevrolet Bolt is also one of the most popular electric vehicles and has an impressive range considering its price. The retail price of this car starts at around $26,500. General Motors Company (NYSE:GM)'s Chevrolet Bolt has a 200 hp electric motor and a front-wheel drive.
One of the questions that people ask before buying electric vehicles is this: what is the charging infrastructure like? The answer to this question is that the United States has one of the most extensive charging infrastructures in the world, and it is improving at an unprecedented rate. According to IEA, the United States installed 6,300 fast chargers in 2022. Two-thirds of these were Tesla, Inc. (NASDAQ:TSLA)'s Superchargers. The total stock of these fast chargers reached 28,000 by the year-end 2022. In addition, the Biden-Harris administration announced a plan last year to build a national network of 500,000 electric vehicle chargers.
With that backdrop, let's look at some of the best electric cars of 2024.
To curate our list of 20 best electric cars of 2024, we used three (1,2,3) sources. Each time a car appeared on one of these sources, we allotted it a point. Then we summed these points to arrive at the Insider Monkey Score. The higher this score, the higher the car ranks on our list. As a tie-breaker, we used rankings from the first source because it is an industry leader in car-based blogs.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional looking for the best stocks to buy you can benefit from the wisdom of hedge funds and corporate insiders.
20 - Fiat 500
Insider Monkey Score - 1
The Fiat 500 is a compact city car, making it ideal for urban driving. It has a unique retro design and is packed with multiple safety features such as airbags, traction control, and a tire pressure monitoring system. The car comes with two battery options, the smaller one which has a range of up to 100 miles, while the larger one has a range of up to 199 miles.
19 - Mercedes-Benz EQS
Insider Monkey Score - 1
The Mercedes-Benz EQS is a luxury sedan electric vehicle that is equipped with a massive 107.8kWH battery, which lasts for up to 478 miles on a single charge. One of the standout features of this electric car is that it features a 56-inch glass panel display that spans the entire width of the dashboard.
18 - Volvo XC40 Recharge
Insider Monkey Score - 1
Volvo XC40 Recharge is 18th on our list of the best electric vehicles of 2024. It is an SUV with a range of up to 286 miles on a single charge. The car is equipped with a 69kWH battery and a 150kW onboard DC charger, which charges it from 10% to 80% in 27 minutes. The Recharge has a high-quality cabin and includes a Google-powered navigation system.
17 - Peugeot e-2008
Insider Monkey Score - 1
The e-2008 is another SUV that has made it to our list of the 20 best electric cars of 2024. It has a range of up to 248 miles on a single charge and is equipped with the latest driving aids, such as the Plus Pack with automatic emergency braking. The car also offers a leading-edge experience with its new onboard technology, such as the Peugeot i-Connect Advanced infotainment system, wireless smartphone charging, and the Mirror Screen function for Android.
16 - Jaguar I-Pace
Insider Monkey Score - 1
Jaguar I-Pace is a stylish-looking all-electric SUV with a range of up to 289 miles on a single charge. The car is equipped with two electric motors, one on the front and one on the back. I-pace charges from 0% to 80% in 40 minutes, thanks to its rapid 100kW DC public charger.
15 - Volkswagen ID.4
Insider Monkey Score -
Volkswagen ID.4 is 15th on our list of the 20 best electric cars of 2024. It is an SUV, which is available in two battery options, with the lower power variant having a range of up to 223 miles on a single charge. ID.4 has a modern and spacious interior with several leading-edge technologies, such as a 10-inch infotainment touchscreen, wireless smartphone charging, and voice recognition controls.
14 - Kia EV6
Insider Monkey Score - 1
The Kia EV6 is one of the best electric cars of 2024. It offers a 300-plus-mile range and fast charging capabilities. It is a sporty family crossover with a spacious interior. The car has a sporty drive and a high-quality interior, making it a compelling choice in the electric car market.
13 - Renault Megane E-Tech
Insider Monkey Score - 1
The Renault Megane E-Tech is an all-electric hatchback with a range of up to 280 miles on a single charge. The car has an agile design, thanks to its front-mounted motor which saves 100 KG of weight for cables and cooling. The car has a spacious and practical interior with a 440-liter boot capacity.
12 - Ford Mustang Mach-E
Insider Monkey Score - 1
For Mustang Mach-E is 12th on our electric car rankings for 2024. It is an all-electric SUV with an impressive range of up to 379 miles on a single charge. It has a sporty drive and features a quality cabin with the latest onboard tech, including a 15.5-inch touchscreen, integrated sat-nav, and smartphone connectivity.
11 - Tesla Model Y
Insider Monkey Score - 1
Tesla Model Y is one of the best electric cars of 2024. It is a fully electric mid-size SUV with a range of up to 331 miles on a single charge. It has a spacious and modern interior and comes loaded with safety features such as forward collision warning, active emergency braking, and lane departure avoidance, providing a high level of safety for the driver and passengers.
10 - Skoda Enyaq iV
Insider Monkey Score - 1
The Skoda Enyaq iV is one of the top 10 electric cars of 2024. It is an all-electric SUV with a maximum range of 348 miles. It has a spacious modern interior and is equipped with several connectivity options. The car can charge from 10% to 80% in 35 minutes using a DC charger.
9 - Honda e
Insider Monkey Score - 1
Honda e is a small retro-style electric car that offers a reasonably practical interior. The car has a range of up to 130 miles on a single charge and comes with a host of safety features and driver aids such as cruise control, lane-keep assist, autonomous emergency braking, traffic sign recognition, blind-spot warning, and cross-traffic monitoring.
8 - Audi e-tron GT
Insider Monkey Score - 1
The Audi e-tron GT is 8th on our list of 20 best electric cars of 2024. It is a luxury electric sedan, which has an impressive range of up to 305 miles on a single charge. It comes with a 10.1-inch touchscreen infotainment system and has a luxurious and well-equipped interior. The car features a striking aerodynamic design, which makes it stand out from the competition.
