As Sales Climb EVs Eye 10% Share of U.S. Auto Market

Despite what may seem like a steady drumbeat of bad news regarding electric vehicle (EV) sales and leases, the industry is actually enjoying sufficient growth to suggest it soon may achieve a 10 percent share of the domestic auto industry.

Kelley Blue Book estimates EV sales in the third quarter hit 346,309 units, reflecting a year over year growth rate of 11%. EV sales also established new volume and market share records. Even Tesla, which struggled in the first half of the year, enjoyed strong growth in Q3.

Stephanie Valdez Streaty, director of Industry Insights at Cox Automotive, acknowledged much of that growth was likely due to an aggressive slate of government and industry incentives and discounts (at 12%, industry incentives for EVs were significantly higher than the 7% offered for other vehicle types).

Electric vehicle incentives

Electric vehicle incentives compared to the rest of the automative industry. Source: Cox Automotive

But Valdez Streaty believes that “as more affordable EVs enter the market and infrastructure improves, we can expect even greater adoption in the coming years.”

What is perhaps most important is that EV’s domestic market share climbed to 8.9% compared to last year’s rate of 7.8%, leading industry observers to believe a 10% market share may not be far off.

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