KBB report shows EV sales on pace to surpass 1 million for the first time
Electric vehicle sales are charging ahead at record pace, according to the latest data from Kelley Blue Book.
KBB’s Q3 EV sales volume report, released Thursday, showed more EVs were sold in the third quarter of 2023 than in any previous quarter as EVs earned a record market share.
Total EV sales for the U.S. market in Q3 reached 313,086 units, according to KBB’s estimate, making it the first quarter to top the 300,000 mark. That total is up from 298,039 in Q2 and a 49.8% increase from the same period in 2022.
In terms of market share, EVs accounted for 7.9% of total industry sales in Q3 — another record — up from 6.1% a year ago and 7.2% in Q2.
That strong quarter took the year-to-date total through September to 873,000 — on pace to surpass 1 million for the first time ever. KBB said that milestone is likely to be achieved in November.
As KBB’s parent company Cox Automotive has reported, higher inventory levels, more product availability and downward pricing pressure have helped spur continued linear growth of EV sales, which have now increased for 13 consecutive quarters.
EV transaction prices in Q3 were down significantly from 2022, led by Tesla, which KBB said cut prices by about 25% in an attempt to increase sales volume. While the result was a 19.5% increase in Tesla’s sales – beating the industry’s overall growth rate of 16.3% – Tesla’s share of the EV segment dropped from 62% in Q1 to 50%, its lowest level on record, in Q3.
The report showed sizeable gains in EV sales by most automakers year-over-year – more than 200% for Volvo, Nissan, Mercedes and Hyundai, thanks mostly to new products entering the market.
In all, there were 14 EV models available in Q3 that didn’t exist a year previously, including Chevrolet’s Blazer and Silverado EVs.
More than 15% of BMW’s third quarter total sales were EVs, highest percentage among manufacturers that sell both EVs and internal combustion engine vehicles, according to KBB estimates. EVs also accounted for 12% or more of total sales for four other automakers – Audi, Volvo, Volkswagen and Mercedes.
The Kelley Blue Book EV Sales Report can be downloaded here.