Electric vehicle sales dipped in the second quarter, despite record incentives and a growing model lineup. The market braces for a federal tax credit phase-out that could skew sales trends.
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Q2 new electric vehicle sales are up 11% from EV sales in Q2 2023 due mostly to improved availability, higher discounts, and elevated levels of leasing.
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The share of new-vehicle sales from luxury brands drove up average transaction prices, when combined with fewer discounts and incentives, caused new vehicle affordability to fall.
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Total 2023 EV sales will likely surpass the milestone one million mark next month as the electric vehicle market transforms due to more product and supply and downward pricing pressure.
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Tesla’s share fell below 60% for the first time, but the No. 2 seller of EVs in the U.S. – Chevrolet – is a distant second. Numbers will fuel the budding used EV market further.
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With the growth of EV models and charging networks, whose connector equipment should become the standard? Will there ever be a one-size-fits-all EV plug-and-port like the common fuel pump nozzle?
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The Ford F-150 Lightning, which just started deliveries to customers in March and is sold out, was the third most-shopped EV and the seventh overall among electrified vehicles.
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