EV Sales Hit Record High in Q3, But Tesla Market Share Slips as Rivals Cut Prices

U.S. electric vehicle (EV) sales hit a record high in Q3 2022, surpassing 300,000 for the first time.

However, Tesla's market share slipped to 50%, down from 62% in Q1 2022, despite price cuts.

Other automakers like Rivian are catching up by aggressively lowering prices amid high inflation.

Average EV prices dropped to $50,683 in September, down from $52,212 the prior month.

EV sales made up 7.9% of total U.S. auto sales in Q3, a new record high.