EV sales in US surge to all-time high in Q3

Electric vehicle (EV) sales volumes in the US reached an all-time high in the third quarter of 2023, backed by higher inventory levels, more product availability, Cox Automotive said in a recent report.

EV sales in the US jumped nearly 50% year-on-year (YoY) to surpass 300,000 in the three-month period, accounting for 7.9% of total industry sales.

Meanwhile, Tesla’s share of EVs dropped to the lowest ever level, tumbling to only 50% of the market from 62% in Q1 2023, despite the price wars launched by Elon Musk amid fierce competition in the industry.

This price war pushed average EV selling prices in the US lower to $50,683 in September from $52,212 in August.