U.S. EV Sales Surge in Q3 Despite Tesla's Decline

Electric vehicle sales in the U.S. are projected to hit a record high in Q3, even as market leader Tesla faces declining sales.

Electric vehicle (EV) sales in the U.S. are expected to increase by 8% year-over-year in Q3, reaching nearly 9% of total new vehicle sales.
Tesla's sales are forecasted to drop by 2% from the previous year, with 152,829 units sold in Q3.
The average transaction price for EVs remains high at $56,574, compared to $48,000 for internal combustion engine vehicles.
Incentives and federal tax credits have significantly boosted EV leasing, with a 148% year-over-year increase in leased EVs.
The used EV market is experiencing rapid growth, with a 69% increase in sales compared to Q3 2023.