EV Sales Soar in Q2 2023

Cox Automotive recently reported that U.S. auto retailers sold a record number of full battery electric vehicles in Q2 2023. In the second quarter, 300,000 new electric vehicles were sold, which was a 48.4% year-over-year increase and a record high for any quarter.  Based on these numbers, Cox estimates that the U.S. will have more than one million new electric vehicles sold in 2023.

Cox also reported that the average price paid for an electric vehicle shrunk 20% year-over-year in June and that Tesla remained the largest electric vehicle seller in the U.S., with Chevrolet coming in second.  While experts continue to see electric vehicle sales growth, many believe that the 50%+ year-over-year growth will not continue into the future.  The electric vehicle share in the U.S. was 7.2% in the quarter.