According to the latest data from Cox Automotive, the U.S. electric vehicle (EV) market reached a new milestone, with both new and used EVs showing significant growth and market share expansion. December was a record-breaking month for the electric vehicle segment, with continued strong demand and tightening inventory.
December saw a 14% month-over-month increase in new electric vehicle sales, totaling 132,392 units, bringing the total annual volume to 1.3 million. This record-breaking month also pushed the overall market share to 8.8%. The top five best-sellers were the Tesla Model Y, Tesla Model 3, Honda Prologue, Ford Mustang Mach-E, and Chevrolet Equinox, which accounted for 54% of total EV sales for the month.
In addition, the used electric vehicle market also experienced impressive growth. Sales rose 7.4% month-over-month and 64.8% year-over-year, reaching 28,483 units in December and achieving a record market share of 1.9%. In 2024, used EV sales surged by 62.6%, totaling 287,175 units. The top-selling used models in December included the Tesla Model 3, Tesla Model Y, Chevrolet Bolt, Tesla Model S, and Ford Mustang Mach-E.
The supply of both new and used electric vehicles continued to tighten in December. The days’ supply of new EVs decreased by 18.0% month-over-month, driven by strong demand, while used EV supply fell by 0.6% month-over-month and 36.0% year-over-year. This reflects increasing consumer interest in EVs, driven by both affordability and greater confidence in their reliability.
The average transaction price (ATP) for new electric vehicles in December was $55,544, reflecting a 1.1% increase from November and a 0.8% rise from the previous year. EV incentives were slightly lower at 14.3% of the ATP, compared to 14.7% in November. New EVs were priced $6,274 higher on average than internal combustion engine (ICE+) models. The most affordable EVs in December were the Nissan Leaf, Fiat 500e, Hyundai Kona, Kia Niro, and Chevrolet Equinox.
The average listing price for used electric vehicles fell to $36,976 in December, marking a 1.0% decrease from the previous month and an 8.9% decline year-over-year. Notably, ten brands had used EV listing prices at or below those of their ICE+ counterparts. Porsche and Chevrolet had the largest price differences, with used Porsche EVs priced $11,028 below their ICE+ models and Chevrolet’s used EVs $9,212 below.
