Automotive research firm Kelley Blue Book (KBB) reported that electric vehicle (EV) sales in the United States exceeded 313,000 in the third quarter. KBB’s parent company Cox Automotive revealed that the EV market share has hit 7.9%; its highest-ever level and a significant rise from its 6.1% share a year ago.
Q3’s EV sales were almost a 50% rise from last year as well as 15,000 more sales than the 298,000 in the second quarter. According to KBB, total EV sales for the year are expected to exceed one million. “Higher inventory levels, more product availability, and downward pricing pressure have helped spur continued linear growth of EV sales in the US market,” Cox Automotive’s chief economist Jonathan Smoke observed.
Despite more than 150,000 sales in the third quarter, Tesla saw its market share fall to 50% from 62% at the same point last year. Still, the company’s sales are growing, up 19.5% year-over-year and beating the industry growth rate of 16.3%.