EV Sales Hit Record in Q3

Cox Automotive reported that U.S. electric vehicle sales grew to over 300,000 in September, a monthly record.  Cox also forecasts that the total number of electric vehicles sold this year will pass one million before the year ends, another record. Electric vehicle sales have increased for 13 consecutive quarters, and third quarter sales in 2023 were up 50% year-over-year.

Cox attributes the growth to be driven by the launch of 14 electric vehicle models in Q3 along with price cuts from market leaders, such as Tesla. Tesla lowered prices in order to increase volume, which resulted in its third-quarter sales growing 20% year-over-year but lowered its market share to 50%.

The distribution of new models and improved inventories have also driven growth. Cox also reported that most carmarkers were able to grow their electric vehicle sales via launching new battery-powered models.