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

 

 

Originally posted on Auto Dealer Today

More Industry

The outside of a blue Gregg Young Chevrolet dealership.
Industry•by Lauren Lawrence•October 22, 2026

Nebraska Rooftop Changes Hands

The Gregg Young Automotive Group has sold its second dealership to Janssen Auto Group, both in Plattsmouth, Neb.

Read More →
Two white men's shaking hands
Industry•October 15, 2026

Penske Auto Group Deal a Record

The deal to take the dealership and transportation services company private sets a new pace for industry buy-sell transactions.

Read More →
Rows of cars parked in exterior lot
Industry•by Hannah Mitchell•October 8, 2026

War Toll a Damper on Used Auto Prices

Cox Automotive found wholesale depreciation to be elevated in September amid high fuel prices and this year's unusual hurricane season.

Read More →
Ad Loading...
Mechanic cleaning interior of engine
Industry•by Lauren Lawrence•October 8, 2026

Bridge the Maintenance Gap

With many drivers missing recommended maintenance, service departments offering transparency and efficiency have a better chance of reaching financially strained consumers.

Read More →
Ford F-150 truck rounding a curve
Industry•by Hannah Mitchell•October 1, 2026

California Store Has New Owner

The longtime dealership in the northern part of the state is known for robust fleet sales and has served the state capital for 115 years.

Read More →
crane lowering a pipeline into the ground
Industry•by Lauren Lawrence•October 1, 2026

BMW Plant Pursues Cleaner Energy

BMW Group Plant Leipzig has utilized hydrogen to help power its production since 2013, but a new pipeline is planned to take it to another level.

Read More →
Ad Loading...
Two dodge cars outside of dealership.
Industry•by Lauren Lawrence•September 17, 2026

Auto Affordability Inches Up

The latest Cox Automotive and Moody’s Analytics index shows a slight increase in new-vehicle affordability despite high prices.

Read More →
Five men smiling for photo in front of Honda car dealership.
Industry•by Lauren Lawrence•September 10, 2026

Ohio Auto Group Under New Ownership

After 79 years with the Schluter family, Mansfield Auto Group has been acquired by Missouri-based Clement Auto Group.

Read More →
Blue and white RV parked on beach facing the ocean.
Industry•by Lauren Lawrence•September 3, 2026

RV Group Expands Carolina Footprint

Blue Compass RV Columbia Northeast is the 13th RV dealership owned by Blue Compass in the Carolinas.

Read More →
Ad Loading...
Photo of two men and one woman on a discussion panel
Industry•by Hannah Mitchell•September 1, 2026

Agent Acumen

An Agent Summit panel of people who’ve been supporting auto dealers for years gave both timely and timeless advice for those starting out or mulling the prospect.

Read More →
Ad Loading...