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Q3 EV Sales Hit Record

On track to reach annual 1 million-plus milestone for the first time.

October 13, 2023
Q3 EV Sales Hit Record

Surge was fueled in part by the launch of 14 models in the quarter, when EV sales made up 8% of total deliveries, a record.

IMAGE: Pixabay/distelAPPArath

1 min to read


Third-quarter U.S. electric-vehicle sales reached a record in September, exceeding 300,000 for the first time and on track this year to pass a million before the year ends, another record, Cox Automotive said.

EV sales, now up for 13 consecutive quarters, surpassed 873,000 so far this year, and Cox expects they’ll pass a million by November. Third-quarter sales exceeded 313,000, up 50% year-over-year.

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The surge was fueled in part by the launch of 14 EV models in the quarter, when EV sales represented 8% of total sales, another record and up from 6% year-over-year. Price cuts, especially by market leader Tesla, along with the new models and improved inventories, spurred the increases, Cox said.

Tesla has cut prices to increase volume, and its third-quarter sales, up 20% year-over-year, reflect that effort, Cox said. But its market share fell to 50%, its smallest ever and down from 62% in the first quarter.

Cox said most carmakers grew their EV sales substantially year-over-year as they launched new battery-powered models.

LEARN MORE: EV Tax Credits Can Now Be Down Payments

Originally posted on Auto Dealer Today

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