EV sales surged past 300,000 for the first time in the third quarter, a nearly 50% increase over last year. As automakers like Volvo, Mercedes-Benz, Nissan, and Hyundai ramp production, Tesla’s market share is slipping.
The latest quarterly EV sales estimates from Cox Automotive dropped Thursday, showing a record 313,086 electric cars sold from July to September. EV sales have now expanded for 13 straight quarters.
Electric vehicles accounted for 7.9% of total US auto sales in Q3, up from 6.1% a year ago and 7.2% in Q2.
EV sales surged 49.8% compared to last year, increasing 5% from the 298,039 sold in Q2. The data shows most automakers have picked up the pace significantly over the past year.
Volvo, Nissan, Mercedes-Benz, and Hyundai posted notable progress, with sales growing over 200%. The growth comes as new electric models hit the market. Over the past year, 14 new EVs have been introduced.
Higher inventory, more availability, and lower prices have also contributed to the growth. According to Cox Automotive, EV prices are down 22% over the last year, with a $50,683 average price paid in September.
The price cuts are led by Tesla, with prices down around 25% from last year. Last week, the Tesla Model 3 hit its lowest starting price ever at $38,880.
Tesla’s market share shrinks as US EV sales pick up
Although Tesla continues its dominant expansion, delivering over 435,000 cars in Q3 (+19.5% YOY versus industry average of 16.3%), the EV leader’s market share is slipping.
Tesla’s market share hit 50% in the third quarter, down from 62% in Q1 and its lowest so far. The highly anticipated Cybertruck could help turn things around, but the competition is still picking up.
Since Tesla pioneered the industry, losing market share as other automakers ramp up is inevitable. The gap is still massive at 50% of the market. (Check out these two charts for proof.)
Rivian delivered 15,564 electric vehicles in the quarter, up 126% from last year. GM began delivering the Chevy Silverado EV (although they only delivered 18 units), and Ford expects F-150 Lightning production to pick up by the end of the year.
Meanwhile, overseas automakers are beginning to make their presence known. Mercedes-Benz EV sales climbed 284% to reach 10,423 in Q3.
Although Ford (20,962) and GM (20,092) sold more electric models in the quarter, Mercedes topped the American automakers as a percent of total sales. Mercedes’s EV sales in the US reached nearly 15%, while GM and Ford are around 3% to 4%.
| Q3 2023 sales | Q3 2022 | YOY | Q3 Market Share | |
| Audi | 7,538 | 3,891 | 93.7% | 2.4% |
| BMW | 13,079 | 4,365 | 199.6% | 4.2% |
| BrightDrop | 35 | – | 0% | 0% |
| Cadillac | 3,018 | 36 | 0% | 1% |
| Chevrolet | 15,872 | 14,709 | 7.9% | 5.1% |
| Ford | 20,962 | 18,257 | 14.8% | 6.7% |
| Genesis | 1,802 | 888 | 102.9% | 0.6% |
| GMC | 1,167 | 411 | 183.9% | 0.4% |
| Fisker | 997 | – | 0% | 0.3% |
| Hyundai | 19,630 | 5,824 | 237.1% | 6.3% |
| Jaguar | 86 | 22 | 290.9% | 0% |
| Kia | 9,325 | 5,583 | 67% | 3% |
| Lexus | 1,394 | – | 0% | 0.4% |
| Lucid | 1,618 | 654 | 147.4% | 0.5% |
| Mazda | 34 | 8 | 325% | 0% |
| Mercedes | 10,423 | 2,717 | 283.6% | 3.3% |
| Mini | 516 | 1,105 | -53.3% | 0.2% |
| Nissan | 6,074 | 1,276 | 376% | 1.9% |
| Polestar | 3,710 | 2,852 | 30.1% | 1.2% |
| Porsche | 2,050 | 1,325 | 54.7% | 0.7% |
| Rivian | 15,564 | 6,884 | 126.1% | 5% |
| Subaru | 2,791 | – | 0% | 0.9% |
| Tesla | 156,621 | 131,024 | 19.5% | 50% |
| Toyota | 2,827 | – | 0% | 0.9% |
| VinFast | 1,159 | – | 0% | 0.4% |
| Volvo | 4,087 | 542 | 654.1% | 1.3% |
| Volkswagen | 10,707 | 6,657 | 60-.8% | 3.4% |
Hyundai has been on a hot streak as sales of its dedicated EV models continue gaining momentum. The South Korean automaker sold 19,630 EVs in Q3, a 237% increase from last year. Hyundai set a record by selling 11,665 IONIQ 5 electric SUVs in the quarter (+143% YOY).
Volvo was another legacy automaker that saw substantial growth, with EV sales climbing 650% over last year. The Swedish automaker expects the trend to continue with new models, including the EX30 (its smallest and cheapest EV) and the flagship EX90, its first electric seven-seater SUV.
Other German luxury automakers saw sales growth, with BMW’s EV sales climbing nearly 200% and Audi’s up 94%.
BMW, Audi, Volvo, Volkswagen, Mercedes-Benz, and Porsche all posted double-digit EV sales share. Meanwhile, Toyota, GMC, Subaru, and Lexus were below the 2% mark.
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Environment
U.S. crude oil falls below $60 a barrel to lowest since 2021 on tariff-fueled recession fears
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025.
Pavel Mikheyev | Reuters
U.S. oil prices dropped below $60 a barrel on Sunday on fears President Donald Trump’s global tariffs would push the U.S., and maybe the world, into a recession.
Futures tied to U.S. West Texas intermediate crude fell more than 3% to $59.74 on Sunday night. The move comes after back-to-back 6% declines last week. WTI is now at the lowest since April 2021.
Worries are mounting that tariffs could lead to higher prices for businesses, which could lead to a slowdown in economic activity that would ultimately hurt demand for oil.
Oil futures, 5 years
The tariffs, which are set to take effect this week, “would likely push the U.S. and possibly global economy into recession this year,” according to JPMorgan. The firm on Thursday raised its odds of a recession this year to 60% following the tariff rollout, up from 40%.
Fueled by incentives from the Illinois EPA and the state’s largest utility company, new EV registrations nearly quadrupled the 12% first-quarter increase in EV registrations nationally – and there are no signs the state is slowing down.
Despite the dramatic slowdown of Tesla’s US deliveries, sales of electric vehicles overall have perked up in recent months, with Illinois’ EV adoption rate well above the Q1 uptick nationally. Crain’s Chicago Business reports that the number of new EVs registered across the state totaled 9,821 January through March, compared with “just” 6,535 EVs registered in the state during the same period in 2024.
Those numbers represent more than 50% growth in EV registrations – far beyond the expected 12% first-quarter increase nationally being projected by Cox Automotive. (!)
What’s going on in Illinois?
While President Trump and Elmo were running for re-election, they campaigned on the threat promise of canceling the $7,500 federal tax credit for EVs. Along with California Governor Gavin Newsom, Illinois’ Governor JB Pritzker made countermoves – launching a $4,000 rebate for new electric cars and up to $1,500 for the purchase of a new electric motorcycle.
At the same time, the state’s largest utility, ComEd, launched a $90 million EV incentive program featuring a new Point of Purchase initiative to deliver instant discounts to qualifying business and public sector customers who make the switch to electric vehicles. That program has driven a surge in Class 3-6 medium duty commercial EVs, which are eligible fro $20-30,000 in utility rebates on top of federal tax credits and other incentives (Class 1-2 EVs are eligible for up to $7,500).
We covered the launch of those incentives when the program was announced at Chicago Drives Electric last year, but the message here is simple: incentives work.
SOURCES: Chicago Business, Ray Cunningham; featured image by the author.
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The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.
Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.
XCMG is delivering on part of that reduced downtime promise with the lower maintenance and easier repair needs of electric equipment, and delivering on the rest of it with lickety-quick DC fast charging that can recharge the machine’s massive battery in 1.5-2 hours … but that’s not the slick bit. The XCMG XE125EV can be powered up without leaving the job site thanks to its BYD battery swap technology.
We first covered XCMG and its battery swap technology back in January, and covered similar battery-swap tech being developed by MOOG Construction offshoot ZQUIP, as well – but while XCMG’s battery tech has been in production for several years, it’s still not widely known about in the West (even within the industry).
XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?
Easy in, easy out
The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.
You can check out all the XE215EV’s specs at this tear sheet, and get an in-person look at the Chinese company’s latest electric excavator this week in Munich, Germany.
SOURCE | IMAGES: XCMG.
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