The U.S. electric vehicle market regained some momentum in July, Canadian dealers may note, with sales increasing from June across both the new and used markets, according to Cox Automotive’s EV Market Monitor.
New EV sales reached an estimated 77,266 units, up 3.2 per cent from June but down 41.5 per cent from a year earlier. EVs represented 5.6 per cent of total new-vehicle sales.
Tesla remained the volume leader, selling 42,435 vehicles and capturing roughly 55 per cent of EV sales. Its sales increased 4.9 per cent month over month, while the Model Y alone represented about 37 per cent of the new EV market. Hyundai recorded a 36 per cent monthly increase, the strongest gain among high-volume brands.
The used market moved in the opposite direction from the year-over-year weakness seen in new EVs. Used EV sales climbed 7.9 per cent from June and 10.1 per cent from a year earlier to 36,810 units. Their share of used sales held at 2.4 per cent.
Inventory conditions also shifted. New EV days’ supply fell 6.2 per cent from June to 80 days, narrowing the gap with internal-combustion and other vehicles to four days. Used EV supply increased 14.2 per cent to 46 days, moving above ICE+ levels for the first time since February.
Pricing presented another contrast. The average transaction price for a new EV rose 1.2 per cent from June to $56,126 as incentives declined to 11.8 per cent of the transaction price.
Used EVs averaged a $37,832 listing price, down 1.2 per cent monthly but 8.3 per cent higher than a year earlier. The used EV premium over ICE+ vehicles narrowed to $2,967.
The expanding U.S. used EV pool offers a useful signal for Canadian dealers watching residual values, remarketing patterns and EV affordability. Growing supply south of the border, combined with elevated used EV prices, may also provide an early indication of how maturing EV inventories could affect the Canadian market.
