New EV sales fell sharply in November, reaching their lowest market share since early 2022, while used EV sales posted year-over-year growth despite a monthly dip.
Photo: Cox Automotive
3 min to read
November extended October’s post-incentive slowdown as the expiration of the federal EV tax credit continued to weigh on demand. New EV sales fell again, used sales eased slightly, and inventories rose sharply — especially on the new-vehicle side — while pricing softened across both segments.
EV Sales Decline Again in November
New EV Sales
New EV sales totaled an estimated 70,255 units, down 5.2% from October and down 41.2% year over year. EV share of total U.S. sales fell to 5.4%, the lowest since April 2022, down from 5.8% in October. Year-to-date EV sales remain 2.1% ahead of last year’s pace.
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Top OEMs by volume:
Tesla: 39,800
Rivian: 4,500
Ford: 4,188
Chevrolet: 3,112
Hyundai: 2,853
Tesla’s volume dipped 2.1% month over month, but its share climbed to 56.7% as competitors posted steeper declines. Rivian led major brands with a 7.6% year-over-year gain and rose 14.1% from October.
Used EV Sales
Used EV sales reached 28,257 units, down 0.5% from October but up 14.2% year over year. Used EV market share held steady at 1.9%.
Top brands by used EV sales:
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Tesla: 10,785
Ford: 2,094
Audi: 1,848
Chevrolet: 1,790
BMW: 1,596
Tesla continued to dominate at the model level, holding four of the top five spots. Among the top five brands, Audi posted the strongest month-over-month increase at 12.1%.
EV Pricing Softens in November
New EV Transaction Prices
The average transaction price (ATP) for new EVs slipped to $58,638, down 0.8% month over month but up 3.7% year over year. Incentives rebounded to $7,785, or 13.3% of ATP, up from October’s year-low 11.1%. The price premium over ICE+ vehicles narrowed to $9,475. Tesla’s ATP rose 1.5% month over month to $54,310.
Average transaction prices for new EVs edged lower in November, while used EV listing prices declined both month over month and year over year as demand weakened.
Photo: Cox Automotive
Used EV Listing Prices
Used EV listing prices fell 2.7% month over month and 2.4% year over year to $36,440, narrowing the price premium over ICE+ vehicles to $2,762. Most brands posted monthly declines; Volvo (+3.5%) and Kia (+2.7%) were notable exceptions. Average used Tesla listing prices slipped 1.8% to $31,515. Forty-three models remained under $30,000, including the Tesla Model 3 at $23,583.
Days’ Supply Surges for New EVs
New EV Days’ Supply
New EV days’ supply surged to 149 days in November, up 80.2% from October and up 42.0% year over year, the highest level since February 2024. Toyota, Volkswagen, and Hyundai posted the highest days’ supply in the latest measure, while BMW had the leanest inventory.
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New EV inventory surged in November, pushing days’ supply to the highest level of 2024, while used EV supply rose but remained below ICE vehicle levels.
Photo: Cox Automotive
Used EV Days’ Supply
Used EV days’ supply rose to 46 days, up 14% from October but down 2.4% year over year, remaining below ICE+ levels for the eighth consecutive month. Among major brands, supply ranged from 37 days for Tesla to 56 days for Volkswagen. Note: Tesla figures reflect dealer-available inventory, excluding direct-to-consumer stock.
Market Outlook
November’s results reinforce the reset underway as EV demand adjusts to a post-incentive environment. With inventories elevated and pricing easing, near-term performance will likely depend on production discipline, targeted incentives, and strategies to rebuild consumer confidence while more closely matching supply to demand.
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