I'm genuinely curious as to why there was a spate of negative articles regarding EVs - in particular sales volume - when the market was clearly growing significantly - really hitting critical mass (considered 5% of total sales).
www.coxautoinc.com
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NEW EV SALES HIT CRITICAL MASS
Another Quarter, Another Record: EV Sales in the U.S. Surpass 300,000 in Q3, as Tesla Share of EV Segment Tumbles to 50% - Cox Automotive Inc.
Cox Automotive publishes a quarterly Kelley Blue Book new-vehicle sales report enumerating electric vehicle sales.
www.coxautoinc.com
Another Quarter, Another Record: EV Sales in the U.S. Surpass 300,000 in Q3, as Tesla Share of EV Segment Tumbles to 50%
Electric vehicle (EV) sales volumes set another record in Q3, as total sales of battery-powered vehicles jumped past 300,000 for the first time in the U.S. market. Year-to-date EV sales through September reached just over 873,000, putting the market firmly on track to surpass 1 million for the first time ever. The milestone will likely be achieved in November.
Total EV sales in Q3, according to an estimate from Kelley Blue Book, hit 313,086, a 49.8% increase from the same period one year ago and an increase from the 298,039 sold in Q2. Most automakers posted sizeable gains over 2022, with Volvo, Nissan, Mercedes and Hyundai delivering increases above 200%, thanks mostly to new products entering the market. In Q3, 14 new EV models that did not exist one year ago were in the mix, including Chevrolet Blazer and Silverado EVs. (The new Chevy EVs had very low sales – just an initial few to mark a Q3 launch). The EV market is transforming, to be sure.
Electric vehicle sales accounted for 7.9% of total industry sales in Q3, a record and up from 6.1% a year ago and 7.2% in Q2. As Cox Automotive has been reporting, higher inventory levels, more product availability, and downward pricing pressure have helped spur continued linear growth of EV sales in the U.S. market. EV sales have now increased for 13 straight quarters.
EV transaction prices in Q3 were down significantly from 2022. In an attempt to increase sales volume, Tesla slashed prices, which are now down roughly 25% year over year. The price cuts have helped, as Tesla’s Q3 sales grew by 19.5% year over year, surpassing the industry’s overall growth rate of 16.3%. However, Tesla’s share of the EV segment continues to plunge, hitting 50% in Q3, the lowest level on record and down from 62% in Q1. The long-promised Cybertruck may reverse the downward trend, although competition from Ford, Rivian and Chevrolet will likely impact Tesla’s electric pickup volume potential.
The German luxury makes – Audi, BMW, and Mercedes – continue to rapidly increase sales of EV models. In Q3, BMW and Mercedes EV sales more than triple year-ago levels, while Audi posted an EV sales gain of 94%.
NEW EV SALES HIT CRITICAL MASS
