EV Sales Hit Record High in Q3 as Tesla Market Share Drops and Competition Heats Up

Electric vehicle (EV) sales in the U.S. topped 300,000 for the first time in Q3 2022.

Tesla's market share declined to 50% in Q3, down from 62% in Q1.

Other automakers like Rivian are ramping up EV production and cutting prices to compete with Tesla.

Average EV prices dropped to $50,683 in September amid heightened competition.

EVs accounted for a record 7.9% of total auto sales in Q3 2022.