According to the latest Cox Automotive EV Market Monitor report data, November delivered incredible results. It was the second-highest volume month this year, with electric vehicles (EVs) gaining a market share of 8.5%.
New EV sales reached 116,072 units in November, a notable 10% uptick month over month and 13.6% year over year. The top three performing vehicles in the new EV segment were the Tesla Model Y, Tesla Model 3, and Honda Prologue. Excellent incentives across the board also contributed to the growth in sales, with the average reaching 14.9% of the average transaction price (ATP).
In November, the new EV days’ supply was 93 days, a 13.8% decline month over month. This significant decline was influenced by the release of pent-up consumer demand post-election, effective incentives and discounts, and production realignment by automakers.
The APT of a new electric vehicle was $55,105, a 1.8% dip month over month but a 1.4% uptick year over year. New EVs were approximately $6,940 more expensive on average than their internal combustion engine (ICE) counterparts.
The used EV segment also delivered growth, reaching 25,670 units–a 10.2% gain month over month and 61.3% year over year. The top-performing vehicles in this segment were the Tesla Model 3, Tesla Model Y, and the Chevy Bolt.
In November, the used EV days’ supply decreased by 5.2% month over month, dipping to 45 days. Supply is down year over year by 29.6.%, and Cox predicts that the inventory will remain constrained into the new year.
Overall, in November, the average listing price of used EVs decreased by 1.3% month over month to $37,341. This is a notable drop of 10.3% compared to last year.
Overall, the November EV market displayed substantial gains, and the momentum will continue into the new year. Despite the apprehension surrounding potential policy shifts when President-elect Donald Trump assumes office next month, it’s crucial to accept that electric vehicles aren’t going anywhere anytime soon. While policy changes may stall the growth slightly, EVs will become more mainstream next year, and the market will continue to advance.
