The EV hype was real — electric vehicle sales smashed records
Summary
Electric vehicle (EV) sales in the United States hit record numbers in the third quarter of the year as buyers rushed to purchase before federal tax credits expired. Sales increased significantly, with fully electric models making up a larger share of new car sales. Automakers like GM, Hyundai, Honda, and Volkswagen saw growth, though Tesla remains the leading EV seller.Key Facts
- U.S. EV sales reached record highs in Q3 as federal tax credits were ending.
- Sales volume increased by 40.7% from the previous quarter and by 29.6% compared to the same time last year.
- Fully electric models made up 10.5% of new light-duty vehicle sales, up from 8.6% the prior year.
- Tesla accounted for 41% of EV sales, although it is losing market share.
- GM's electric Chevy Equinox SUV was the third best-selling EV after Tesla's Model Y and Model 3.
- Automakers like Volkswagen, GM, Honda, and Hyundai had significant sales increases, while Toyota and Nissan had fewer sales.
- Future sales data is needed to determine long-term trends post-incentive.
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