agent Entrepreneur logo
MenuMENU
SearchSEARCH

EV Sales Slow But Steady

Segment achieves record market share in Q3 as incentives help bridge the price gap with non-EVs.

October 14, 2024
EV Sales Slow But Steady

General Motors' EV sales jumped almost 60% in the quarter. Its lineup includes the Equinox.

Credit:

Chevrolet

1 min to read


U.S. electric-vehicle sales hit a new market-share record in the third quarter, helped along by incentives.

EVs’ share of sales reached 9% in the quarter, according to Cox Automotive, which said that’s a record high and up from 8% a year earlier and a 5% quarter-over-quarter increase.

Ad Loading...

Cox acknowledged that EV sales growth has slowed but said it’s still in a gradual climb.

“… as more affordable EVs enter the market and infrastructure improves, we can expect even greater adoption in the coming years,” said Director of Industry Insights Stephanie Valdez Streaty in a press release on the quarterly results.

EV incentives made up more than 12% of the average transaction price on average, well above the overall industry vehicle incentive average of about 7%, Cox said. 

Leasing volume helped, since leasing qualifies all EV models for federal tax incentives.

EV prices were essentially flat in the quarter, which didn’t hurt, either, with an average transaction price of $57,000, Cox said.

Ad Loading...

Tesla sales rose 7% on a spurt from the newly introduced Cybertruck, which Cox said sold more than 16,000 units despite its hefty $116,000-plus price tag. General Motors EV sales surged nearly 60%, though Cox said it’s still far behind Tesla, the market leader.

LEARN MORE: PHEVs Not Moving

 

 

More Industry

F&Iby Lauren LawrenceFebruary 27, 2026

Price Driving Insurance Churn

Over half of insurance holders ages 18 to 29 reported to be 'somewhat' likely to change providers in the next 90 days, according to CivicScience, which found that interest was lower among older age groups.

Read More →
Industryby Lauren LawrenceFebruary 26, 2026

AI Drives Dealer Website Traffic

Total visits to dealer websites from generative artificial intelligence platforms grew more than 15 times year-over-year, signaling a shift in how many consumers shop for cars online.

Read More →
Industryby Hannah MitchellFebruary 26, 2026

Automakers Tops in Fuel Economy

In the U.S., Honda has the most efficient gas-electrified combo lineup while Tesla beats all automakers in annual EPA ranking as brands built their alternative-fuel offerings.

Read More →
Ad Loading...
F&Iby Lauren LawrenceFebruary 25, 2026

Report Finds Year-End F&I Strength

Deal volume ebbed and flowed throughout 2025, but product performance remained steady, according to automotive technology and data intelligence solutions provider StoneEagle.

Read More →
Industryby Hannah MitchellFebruary 24, 2026

Overall Consumer Confidence Up

Americans’ view of present business conditions, the labor market and family finances, though, are still in the dumps, and if they plan to buy cars, many target used units.

Read More →
Auto Financeby Lauren LawrenceFebruary 23, 2026

Auto Loan Forecast Bucks Market Trend

Auto loan originations rose over 6% year-over-year in the third quarter of 2025, but TransUnion predicts a slight decline in auto loan growth this year, making it an outlier in the company's overall lending forecast.

Read More →
Ad Loading...
F&Iby Hannah MitchellFebruary 23, 2026

Some Auto Brands Cheaper to Insure

A new top 10 list ranks the least expensive for average full insurance coverage on a clean driving record and high driver credit scores.

Read More →
Industryby StaffFebruary 20, 2026

Learn to Manage the Mayhem at Agent Summit

Rob Mancuso – president of Mancuso Automotive – will present a Keynote at the 2026 event.

Read More →
Fixed Opsby Hannah MitchellFebruary 20, 2026

Auto Recalls Sank Last Year

2025 Sedgwick data indicate that the number of vehicles affected fell to its lowest point in more than a decade.

Read More →
Ad Loading...
Industryby Lauren LawrenceFebruary 19, 2026

Affordability Leads Top-Rated List

Edmunds’ editorial team tested 300-plus vehicles to help determine the Top Rated Awards for 2026, and one brand stood out with multiple rankings, including Best of the Best.

Read More →