The electric vehicle (EV) market gained momentum in July, with both new and used EV sales increasing as buyers moved to take advantage of the Inflation Reduction Act’s tax credits before expiration, according to the latest EV market numbers from Cox Automotive.

Inventory levels dropped, incentives rose, and prices adjusted, reflecting a market shaped by policy and real-time demand.

New EV Sales – July

• Total Sales: 130,082 units

  • Up 26.4% month-over-month

  • Up 19.7% year-over-year

  • EV market share: 9.1% (second-highest month on record)

• Top Five by Volume:

  • Tesla – 53,816

  • Chevrolet

  • Hyundai

  • Ford

  • Honda

• Other Highlights:

  • Volkswagen surged 454% to sixth place

  • Luxury brand growth: Audi +150.2%, Cadillac +14.5%, Mercedes-Benz +6.4%

Used EV Sales – July

• Total Sales: 36,670 units

  • Up 23.2% month-over-month

  • Up 40.0% year-over-year

  • Market share: 2.2% of used-vehicle market

• Top Five by Volume:

  • Tesla – 15,903 (+18.0%)

  • Chevrolet – 3,499 (+28.6%)

  • Ford – 1,967 (+25.7%)

  • Mercedes-Benz – 1,724 (-12.3%)

  • Nissan – 1,659 (+19.9%)

• Tesla share dipped to 43.4% from 45.2% in June

• Strongest gains: Honda +103.0%, Hyundai +61.3%, Rivian +60.5%

New EV Inventory – July

• Days’ Supply: 87 days

  • Down 32.3% month-over-month

  • Down 49.0% year-over-year

  • Gap with ICE vehicles narrowed to 11.6 days, smallest since Feb. 2025

• By Brand:

  • Audi – 168 days (highest)

  • Toyota – 42 days (lowest)

  • Volkswagen – fell 153 days to 116

Used EV Inventory – July

• Days’ Supply: 40 days

  • Below ICE vehicles for fifth consecutive month

• By Make:

  • Tesla – 29.4 days (lowest)

  • Chevrolet & Nissan – both under 40 days

  • GMC, Ford, Rivian – all above 64 days

EV Pricing – July

• New EV Average Transaction Price (ATP): $55,689

  • Down 2.2% from June

  • Down 4.2% year-over-year

  • Incentives averaged 17.5% of ATP ($9,768)

  • Price gap with ICE vehicles: $7,611 (smallest since Dec. 2024)

• Brand-Level Trends:

  • Volvo ATP down 17.1%

  • Volkswagen down 12.2%

  • Tesla down 2.4%

• Top Five Selling Models:

  • Tesla Model Y

  • Tesla Model 3

  • Chevrolet Equinox EV – lowest ATP at $38,477 (no incentives)

  • Honda Prologue

  • Hyundai Ioniq 5

  • Incentives ranged 14.5%–27.7% of ATP, bringing effective prices below $40,000

Used EV Pricing – July

• Average Listing Price: $35,263

  • Down 1.9% from June

  • Up 1.6% year-over-year

  • Price gap with ICE vehicles: $1,266 (record low)

• Model Trends:

  • Tesla Model 3, Model Y, Model S – weighted avg. $26,294

  • Chevrolet Bolt EV – $14,408 (most affordable)

  • Tesla Model X – $39,656 (premium offering)

Looking Ahead

“The EV market continues to balance incentives, demand, and supply,” said Rush Akin, chief revenue officer at RoadFlex in a news release. “Transparency and cost control remain priorities.”

With IRA credits set to expire in September, urgency is expected to remain high. July’s results suggest continued strength through Q3, with market performance increasingly shaped by real-time consumer demand and brand strategies.