US EV gross sales set one more file in August, with 146,332 EVs bought, in line with the newest numbers from Cox Automotive’s Kelley Blue E book.
That gave EV gross sales in August a 9.9% share of complete new automobile gross sales, up from 9.1% in July and the best but. With the federal EV tax credit score set to run out on September 30, analysts say Q3 2025 is shaping as much as be the strongest quarter for EV gross sales in US historical past. The present file holder is This fall 2024, when 365,824 EVs have been bought.
Costs ticked greater, too. The common transaction worth (ATP) for an EV in August was $57,245, 3.1% greater than July’s revised decrease ATP of $55,562. Yr-over-year, although, EV costs have been mainly flat, down simply 0.1%. The wave of EV gross sales additionally helped push up the general market’s ATP.
Incentives, whereas not as excessive as July’s file, remained hefty. EV patrons obtained reductions averaging over $9,000 in August, equal to 16% of ATP. That’s greater than double the motivation price within the total auto market and up from 13.6% a 12 months in the past.
Tesla, nonetheless the US EV gross sales chief by far, is underneath strain. Its ATP rose 2.9% in August to $54,468, which was nonetheless down 5.5% year-over-year. Tesla gross sales dropped 6.7% year-over-year, and the corporate’s share of the US EV market slid to 38% – its lowest level ever.
Stephanie Valdez Streaty, senior analyst at Cox Automotive, mentioned, “The one fixed within the automotive enterprise is that contemporary product sells properly. Whereas Tesla’s Mannequin Y replace has slowed the corporate’s gross sales decline, it’s not getting simpler for the EV pioneer as a result of the market is now flooded with all-new, contemporary EVs from mainstream opponents – customers have extra selection than ever. The present surge in EV gross sales is being pushed by product innovation, motivated sellers, and an urgency forward of the IRA tax credit score phase-out.”
Learn extra: Tesla leads worth cuts as US EV gross sales submit 2nd-best month ever
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