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Ev market reaches new milestones with record sales in December

The EV market's strong performance in December signals a promising future as EV adoption continues to grow.

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.

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Jasmine Daniel
Jasmine Daniel
Jasmine Daniel is a staff writer and reporter for CBT News. She holds a BFA in Writing from the Savannah College of Art & Design and has over eight years of experience in SEO, digital marketing, and strategic communication. Her storytelling skills bring breaking news to life, delivering timely, impactful stories that resonate with readers.

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