US EV Sales Surge 8% in Q3 Despite Tesla Decline
- Electric vehicle sales in the U.S. are projected to increase by approximately 8% in the third quarter compared to the previous year.
- Used EV sales are expected to see a significant rise of 69% year-over-year during the same period.
- Despite the overall growth in EV sales, Tesla's sales are anticipated to decline slightly, indicating a shift in the market dynamics.
According to industry firm Cox Automotive, electric vehicle sales in the U.S. are set to grow by around 8% in the third quarter of the year compared to the same period last year. This growth is accompanied by a remarkable 69% increase in used EV sales, indicating a rising acceptance of electric vehicles among consumers. The firm estimates that EVs will account for approximately 9% of total new vehicle sales during this quarter. Despite the positive outlook for the overall EV market, Tesla, the leading manufacturer, is expected to experience a decline in sales. Cox forecasts that Tesla will sell about 152,829 EVs in the third quarter, which represents a 2% decrease from the previous year. This decline raises questions about Tesla's market position and the competitive landscape of the EV sector. One of the factors contributing to the relatively low market share of electric vehicles is their higher average transaction price. In August, the average price of an EV was reported at $56,574, significantly higher than the average price of internal combustion engine vehicles, which was below $48,000. This price disparity may hinder broader adoption of EVs among consumers. Looking ahead, Cox Automotive anticipates that a total of 15.7 million vehicles will be sold in the U.S. by the end of 2024, influenced by additional selling days and other market factors. However, the firm warns of potential volatility in the market as the year progresses, suggesting that the EV landscape may continue to evolve rapidly.