Q3 EV Sales Hit Record

Third-quarter U.S. electric-vehicle sales reached a record in September, exceeding 300,000 for the first time and on track this year to pass a million before the year ends, another record, Cox Automotive said.

EV sales, now up for 13 consecutive quarters, surpassed 873,000 so far this year, and Cox expects they’ll pass a million by November. Third-quarter sales exceeded 313,000, up 50% year-over-year.

The surge was fueled in part by the launch of 14 EV models in the quarter, when EV sales represented 8% of total sales, another record and up from 6% year-over-year. Price cuts, especially by market leader Tesla, along with the new models and improved inventories, spurred the increases, Cox said.

Tesla has cut prices to increase volume, and its third-quarter sales, up 20% year-over-year, reflect that effort, Cox said. But its market share fell to 50%, its smallest ever and down from 62% in the first quarter.

Cox said most carmakers grew their EV sales substantially year-over-year as they launched new battery-powered models.

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Originally posted on Auto Dealer Today