Summary
- Cox Automotive predicts an 8% increase in electric vehicle sales volume in the third quarter compared to a year ago
- EVs are expected to account for about 9% of total new vehicle sales in the third quarter
- Used EV sales are forecasted to jump by 69% year-over-year
- Despite overall growth in EV sales, Tesla is expected to sell fewer EVs in the third quarter compared to last year
- Electric vehicles continue to be more expensive, with the average transaction price higher than that of internal combustion engine vehicles
Article
In the third quarter, electric vehicle sales are expected to increase by approximately 8% compared to the same period last year, reaching a market share of around 9% of total new vehicle sales. Additionally, used EV sales are projected to see a significant 69% year-over-year jump during this period. However, the growth in new EV sales is not attributed to Tesla, as the company is expected to sell fewer vehicles in the third quarter compared to the previous year.
One of the reasons for the relatively low market share of EVs is their higher price point compared to traditional internal combustion engine vehicles. The average transaction price of an EV is significantly higher, with August data showing an average of $56,574 for EVs compared to below $48,000 for combustion engine vehicles. This price differential may be a factor contributing to the lower adoption rate of EVs in the market.
Looking ahead to the remainder of the year, industry firm Cox Automotive anticipates a total of 15.7 million vehicles to be sold in the U.S. regardless of fuel type. This estimate takes into consideration various factors, including the presence of two additional selling days compared to the previous year. Despite this projection, the firm foresees increased volatility in the market in the coming months, suggesting that uncertainties may impact the sales figures moving forward.
The Future Of Mobility coverage by Benzinga delves into the ongoing trends and developments in the electric vehicle market, offering insights into the evolving landscape of transportation. With a focus on innovations in mobility and the shifting preferences of consumers, this coverage sheds light on the market dynamics shaping the future of transportation. As the automotive industry continues to evolve, staying informed about the latest trends is essential for both industry participants and investors.
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