According to Cox Automotive, new electric vehicle sales increased by 2.5 percent in August compared to July. Despite this monthly growth, sales of battery-electric vehicles remain 46.9 percent lower than the same period last year. Tesla continues to lead the market, selling nearly 41,000 units out of a total of 79,000 new EVs sold last month, despite a 3.8 percent decline in its own monthly sales.
Toyota experienced a significant surge in new EV sales, which rose by 34.9 percent to reach 4,964 units. The average transaction price for a new electric vehicle fell by 1.3 percent in August and by 2.8 percent year-over-year, settling at $54,754. This figure remains higher than the average price of a combustion-powered vehicle, which stands at $49,907.
The market for used electric vehicles is growing rapidly, with sales up 25.9 percent month-over-month and 14.7 percent year-over-year, totaling 44,350 units. The average listing price for a used EV in August was $37,441, representing a 1 percent decrease from July but an 8.2 percent increase compared to the previous year.
Tesla maintains a dominant position in the used market, accounting for nearly 30 percent of all sales. Other brands also reported growth, with Nissan and Kia seeing sales increases of 45.1 percent and 32.1 percent, respectively. The Tesla Model 3, Tesla Model Y, and Ford Mustang Mach-E recorded the highest month-over-month volume gains.
