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yesterday

Record U.S. EV Sales as $7,500 Credit Deadline Triggers Deep Discounts

Lease-centric deals backed by factory cash are pulling demand forward ahead of the Sept. 30 cutoff.

A new electric vehicle charging station at the Ridgeland Common Recreation Complex in Oak Park recreation complex is installed in the base of a lamp post. The company that invented the design hopes this could be the start of a national trend. (Jesse Wright/Pioneer Press)
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Overview

  • U.S. EV sales hit an August record with 146,332 vehicles and a 9.9% market share, with analysts expecting a strong third quarter before incentives expire.
  • Average EV incentives topped $9,000 in August, equal to 16% of the average transaction price, as days of EV supply fell to 59 from 99 in June.
  • Automakers rolled out some of their steepest offers, including up to $19,000 off the Honda Prologue and more than $31,000 off select Lucid Air models.
  • Leasing became the primary path to capture the credit as dealers act as lessors, with EV leases accounting for about 75% of July EV transactions and average EV lease payments at $624 per month.
  • Tesla’s U.S. sales declined 6.7% year over year in August and its EV market share fell to 38%, while GM cautioned that sales may slow once current discounting ends.