Electric vehicle sales are poised for continued growth, with industry firm Cox Automotive predicting an 8% year-over-year increase in the third quarter. This rise will push EVs to represent approximately 9% of total new vehicle sales during this period.
The growth in EV sales is not solely driven by Tesla, however. Cox forecasts that Tesla will actually see a slight decline in sales, with an estimated 152,829 EVs sold in the third quarter, a 2% drop from the same period last year.
Despite the overall growth, the adoption of EVs continues to face challenges. The high price point remains a significant barrier. The average transaction price (ATP) of an EV in August stood at $56,574, considerably higher than the average for combustion engine vehicles, which was below $48,000.
Looking ahead, Cox anticipates a total of 15.7 million vehicles sold in the US through the end of 2024, encompassing both EVs and traditional vehicles. This projection takes into account factors like the extra selling days in 2024 compared to 2023. However, Cox acknowledges the potential for volatility in the market during the remainder of the year.
