While the growth rate of electric vehicle (EV) sales has slowed this year, new data from the third quarter shows continued momentum in the sector, bolstered by government incentives and a growing range of options available to consumers. According to Kelley Blue Book estimates reported by Cox Automotive, EV sales in the U.S. grew by 11 percent year-over-year in Q3, reaching record highs in market share and total sales volume.
A total of 346,309 EVs were sold in the third quarter, a 5-percent increase compared to Q2. EV market share also reached a new peak of 8.9 percent, up from 7.8 percent in the same quarter last year. These figures signal ongoing demand for EVs despite concerns of a general slowdown in sales growth.
“While year-over-year growth has slowed, EV sales in the U.S. continue to march higher,” said Stephanie Valdez Streaty, Cox Automotive’s Director of Industry Insights. “The growth is being fueled in part by incentives and discounts, but as more affordable EVs enter the market and infrastructure improves, we can expect even greater adoption in the coming years.”
Cox Automotive projects that EV market share could hit 10 percent in the near future, driven by increasing availability of charging infrastructure, more affordable models, and continued government incentives. During the third quarter, EV incentives averaged over 12 percent of the Average Transaction Price (ATP), which is higher than the industry average of 7 percent.
Tesla remains the dominant player in the U.S. EV market, delivering 166,923 vehicles in Q3, marking a 6.6 percent increase year-over-year. The company’s Cybertruck has also made a significant impact, with 16,692 units sold in Q3, making it one of Tesla’s top-selling models behind the Model 3 and Model Y.
Other automakers are also making headway. General Motors (GM) saw a 60-percent jump in EV sales, delivering 32,095 units across its brands, surpassing Hyundai, which saw 29,609 units sold, roughly flat year-over-year. Meanwhile, Ford delivered 23,509 EVs in Q3, followed closely by Chevy with 19,933 units sold.
