Summary
- EV sales in the U.S. grew 11 percent year over year in Q3
- Total EVs sold in Q3 reached 346,309, up 5 percent from Q2
- Total EV market share reached 8.9 percent in Q3, the highest level recorded
- Incentives averaged over 12 percent of the ATP on sales in Q3
- Tesla remained the clear market leader in the EV sector, with Ford and Chevy following in Q3 sales
Article
The electric vehicle (EV) market in the United States saw continued growth in the third quarter of this year, with sales reaching record highs. According to data from Kelley Blue Book estimates reported by Cox Automotive, EV sales in the U.S. grew by 11 percent year-over-year in Q3, with a total of 346,309 EVs sold during the quarter. The overall market share of EVs also reached a record high of 8.9 percent in Q3, up from 7.8 percent in the same quarter last year. This growth can be attributed to incentive programs and a wider variety of EV options available to consumers.
Cox Automotive expects increased growth in the coming months, predicting that a market share of 10 percent is “well within reach.” The availability of more EV charging infrastructure, a greater variety of EV options on the market, and attractive incentives and discounts are driving this growth. Incentives for EVs reached a high in the third quarter, with the average of incentives on sales exceeding 12 percent of the Average Transaction Price (ATP), compared to the industry average of around 7 percent.
Despite the growth in the overall EV market, Tesla remains the clear market leader in the U.S. EV sector. In Q3, Tesla delivered 166,923 vehicles, representing a 6.6 percent increase year-over-year. The popularity of the Tesla Cybertruck contributed to the company’s growth in Q3, with 16,692 Cybertrucks sold during the quarter, outselling every other EV model except the Model 3 and Model Y. Ford and Chevy followed Tesla in EV sales in Q3, with 23,509 and 19,933 EVs sold, respectively.
General Motors (GM) also saw significant growth in their EV sales, with a 60 percent jump in total units sold across brands in Q3. GM surpassed Hyundai in EV sales, selling a total of 32,095 units. The availability of more affordable EV options and the expansion of EV programs by automakers are contributing to the overall growth of the EV market. With a diverse range of EV models available to consumers and increasing adoption of EV technology, the future of the EV market in the U.S. looks promising.
Experts point out that one remaining hurdle to broader adoption of EVs is the need for further expansion of charging infrastructure. As more consumers consider making the switch to electric vehicles, having access to convenient and reliable charging stations will be crucial. With ongoing advancements in EV technology, increasing government incentives, and a growing number of options for consumers, the EV market in the U.S. is poised for continued growth in the coming years.
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