EV Sales Headed for Up Year

U.S. electric-vehicle sales rose in October, despite used model prices ticking up, putting annual sales on track for a record.

Cox Automotive numbers show new EV sales up 2% to more than 106,000 units and 8% of the new market. Used EV sales rose 3% to nearly 24,000 units and about 2% of all used sales.

New EV sales were up 7% year-over-year and used sales by a dramatic 40%, fueled by leasing and incentives that are tamping down average transaction prices, Cox said. 

A big sales driver are federal EV tax credits of up to $7,500 for some EVs, particularly leased ones, which are exempt from federal requirements on domestic battery materials sourcing. New-EV incentives were equal to about 14% of the average transaction price, Cox reports. 

Year-to-date, new-EV sales are up 7%, and used by a whopping 64%.

The ATP for new EVs was about $56,900, down 1% month-over-month and flat year-over-year. In fact, Cox said new EVs had the lowest price premium compared to gas-powered models so far this year at $8,790.

For used models, the ATP ticked up almost 2.5% to a little over $37,900, though that’s down 6% year-over-year. Their price premium versus gas-powered models was $4,790 for the month, Cox said.

New-EV days’ supply was 101, down 9% year-over-year, while that for used EVs was 48, down a significant 22%.