Electric vehicle sales are showing no signs of slowing down - hitting another record in the third quarter according to Kelley Blue Book. KBB says more than 200,000 electrified vehicles were sold in the three-month span of Q3 – a first – and far outpacing the rest of the industry in terms of segment sales volumes and share growth.
High Prices Aren't Deterring Shoppers
The big takeaway from the new data is that high EV prices - more in the luxury than mainstream realm - aren't deterring shoppers. KBB says while electrified vehicle prices declined slightly (1.8%) month over month from August to September 2022, EV prices were up 9.7% in September year over year. The average new EV cost $65,291, well above the industry average. Still, KBB says consumer interest isn't slowing down.
"Electrified vehicles continue to be the darling of the industry, with the growing marketplace and consumer interest now reflected in record sales numbers," said Brian Moody, executive editor for Kelley Blue Book. "While EV prices currently align more closely with luxury versus mainstream, the market continues to grow and evolve with more choices hitting the scene all the time. It's no longer just 'which Tesla is available,' but rather an industry-wide boom with more EVs on the horizon from Ford, GM, Hyundai, and other manufacturers."
Looking at the data, the 5 top-selling EVs in the third quarter were:
- Tesla Model Y - 60,271
- Tesla Model 3 - 55,030
- Chevy Bolt EV/EUV - 14,709
- Ford Mustang Mach-E - 10,414
- VW ID.4 -6,657
Tesla Remains EV Leader
As you can see by the numbers above, Tesla still leads the way among EV brands - but KBB says its share of the segment dipped lower in Q3 due to other entries showing strong growth. However, Tesla enjoyed a strong 64% share of the market in Q3. KBB says more notable is that Tesla held on to the top spot ahead of Mercedes-Benz in the luxury market - and by a large margin.
Toyota Rules Among Hybrids
When it comes to hybrid vehicles, KBB calls Toyota the gold standard for hybrid powertrains. Even though Toyota's hybrid sales decreased year over year in Q3, mostly due to tight inventory, the brand still sold more than 100,000 hybrids in the U.S. during those three months. Year to date, nearly half of all hybrids sold in the United States wear a Toyota badge.
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