US EV sales smash records in August as Tesla loses ground
10 hours ago
- #Tax Credit
- #Tesla
- #EV Sales
- US EV sales hit a record in August with 146,332 units sold, capturing 9.9% of total new car sales.
- The federal EV tax credit expiration on September 30 is expected to make Q3 2025 the strongest quarter for EV sales.
- Average transaction price (ATP) for EVs rose to $57,245 in August, up 3.1% from July but nearly flat year-over-year.
- EV buyers received average discounts of over $9,000 in August, equal to 16% of ATP, more than double the overall auto market rate.
- Tesla's US EV market share dropped to 38%, its lowest ever, with sales down 6.7% year-over-year and ATP up 2.9% to $54,468.
- Analysts attribute Tesla's decline to lack of innovation and leadership, despite its scale advantages.
- The surge in EV sales is driven by product innovation, dealer motivation, and urgency ahead of the IRA tax credit phase-out.