The electric vehicle transformation in the US hit yet another milestone last quarter, though further growth into the mainstream may still be elusive. This as Tesla’s lead at the top is narrowing., nearly a 50% increase from a year ago, and around 15,000 more than the 298,000 sold in Q2. Cox Cox Automotive said EV market share hit 7.9%, its highest ever level and up from the 6.1% recorded a year ago.
Three years ago, total EV sales for the year passed 250,000, and KBB says this year EV sales are on pace to top 1 million. KBB also noted 14 new EV models were now in the mix, and automakers like Volvo, Nissan, Mercedes, and Hyundai saw EV sales gains of over 200%, though at limited quantities. Though Tesla’s market share is slipping, its overall sales volume is increasing — up 19.5% year over year and beating the industry’s overall growth rate of 16.3%, KBB said.
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