The U.S. electric vehicle market softened in April as new EV sales declined alongside broader weakness in overall vehicle demand, according to the latest EV Market Monitor from Cox Automotive.
New EV sales totalled an estimated 76,889 units in April, down 23.1 per cent year over year and 6.2 per cent from March. EVs accounted for 5.6 per cent of total new-vehicle sales during the month.
Tesla remained the dominant player in the U.S. EV market with 37,550 units sold, followed by Chevrolet, Hyundai, Ford and Cadillac. Tesla’s market share slipped slightly to 48.8 per cent. Ford was one of the few major automakers to post a monthly sales increase, with EV sales rising 23.9 per cent from March.
Cox Automotive said higher fuel prices continue to drive interest in fuel-efficient vehicles, although many consumers are still gravitating toward hybrids and fuel-efficient gasoline vehicles rather than fully electric models.
The used EV market continued to strengthen. Used EV sales rose 16.7 per cent year over year to 42,080 units in April, while market share reached a record 2.8 per cent. Tesla again led used EV sales through non-Tesla dealers, followed by Hyundai, Chevrolet, Ford and BMW.
Inventory conditions also tightened. New EV days’ supply fell to 79 days in April, while used EV days’ supply declined to 32 days — more than 31 per cent below year-earlier levels.
Average transaction prices for new EVs rose 1.4 per cent month over month to US$55,211, while used EV listing prices climbed 4.2 per cent to US$35,895.
