EV Sales Hit Record High in Q3 as Tesla Dominance Declines amid Surge of Affordable Models

EV sales in the US hit a new record high in Q3 2022, reaching over 313,000 units sold. This represents nearly 50% growth from a year ago.

Tesla remains the top selling EV maker, but its market share declined to 50%, down from 62% a year ago.

Lower prices from Tesla and other automakers have helped spur EV sales growth, but average EV prices are still around $50,000.

Total EV sales in 2022 are on pace to top 1 million units. However, more affordable models under $40,000 are needed to push share over 10%.

More EV models entered the market in Q3, with brands like Volvo, Nissan and Mercedes seeing 200%+ gains, though from low volumes.