EV Sales Slow But Steady

U.S. electric-vehicle sales hit a new market-share record in the third quarter, helped along by incentives.

EVs’ share of sales reached 9% in the quarter, according to Cox Automotive, which said that’s a record high and up from 8% a year earlier and a 5% quarter-over-quarter increase.

Cox acknowledged that EV sales growth has slowed but said it’s still in a gradual climb.

“… as more affordable EVs enter the market and infrastructure improves, we can expect even greater adoption in the coming years,” said Director of Industry Insights Stephanie Valdez Streaty in a press release on the quarterly results.

EV incentives made up more than 12% of the average transaction price on average, well above the overall industry vehicle incentive average of about 7%, Cox said. 

Leasing volume helped, since leasing qualifies all EV models for federal tax incentives.

EV prices were essentially flat in the quarter, which didn’t hurt, either, with an average transaction price of $57,000, Cox said.

Tesla sales rose 7% on a spurt from the newly introduced Cybertruck, which Cox said sold more than 16,000 units despite its hefty $116,000-plus price tag. General Motors EV sales surged nearly 60%, though Cox said it’s still far behind Tesla, the market leader.

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