US EV gross sales set one more file in August, with 146,332 EVs offered, in line with the most recent numbers from Cox Automotive’s Kelley Blue Guide.
That gave EV gross sales in August a 9.9% share of complete new automotive 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 offered.
Costs ticked larger, 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. 12 months-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 acquired reductions averaging over $9,000 in August, equal to 16% of ATP. That’s greater than double the inducement fee within the total auto market and up from 13.6% a yr in the past.
Tesla, nonetheless the US EV gross sales chief by far, is underneath stress. 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 effectively. 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 rivals – shoppers have extra alternative 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 put up 2nd-best month ever
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