The U.S. electric vehicle market showed further signs of stabilization in May, according to Cox Automotive’s latest EV Market Monitor.
New EV sales reached an estimated 84,746 units during the month, up 10.3 per cent from April but down 21.9 per cent from May 2025. EVs accounted for 5.7 per cent of total new-vehicle sales, reflecting a modest improvement from April despite remaining well below year-earlier levels.
Tesla remained the market leader with 40,578 vehicles sold, followed by Hyundai, Cadillac, Toyota and Chevrolet. However, Tesla’s market share slipped to 47.9 per cent as several competing brands recorded stronger month-over-month gains.
The used EV market continued to outperform. Sales rose to 42,923 units in May, up 5.5 per cent from April and 24.7 per cent higher than a year earlier. Cox Automotive said broader inventory availability and increasing numbers of off-lease vehicles are helping drive growth across the segment.
Inventory trends also pointed to improving market balance. New EV days’ supply declined to 71 days in May and remained more than 40 per cent below year-earlier levels. Used EV days’ supply fell to 31 days, down 23.3 per cent from May 2025, reflecting stronger turnover and tightening inventory.
Pricing trends remained mixed. The average transaction price for a new EV was US$54,532 in May, down 4 per cent from a year earlier and marking the 11th consecutive month of annual price declines. Incentives remained elevated at roughly 14 per cent of the average transaction price.
Used EV prices moved in the opposite direction. The average listing price increased to US$37,083, up 3.1 per cent year over year.
The used EV market remains a growth opportunity in the electrification transition, with improving inventory levels, steady demand and rising volumes supporting continued expansion through the remainder of the year.
