Electric Vehicle Sales Mark Another Record in Q3

EV sales in the U.S. continued to rise in Q3 2024, driven by incentives, discounts, and the availability of more affordable models. Despite slower year-over-year growth, the EV market share reached a new high of 8.9%. Tesla remained the leader, boosted by strong Cybertruck sales, while GM and Hyundai also saw significant growth. Electric vehicle incentives and discounts were crucial in boosting sales in Q3, with incentives averaging over 12% of the average transaction price. This was much higher than the industry-wide average and helped offset higher EV prices. 

The leasing loophole also increased sales, allowing all EV buyers to qualify for government-supported incentives. The availability of more affordable EV models is expected to drive adoption in the coming years further. 

Tesla’s Cybertruck, despite its high price, demonstrated strong demand, indicating that consumers are willing to pay a premium for innovative and desirable EVs. As more manufacturers introduce competitive and affordable EV options, the market is poised for continued growth.

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