The EV hype was real — electric vehicle sales smashed records
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So that much-hyped rush to buy EVs before big federal consumer incentives ended? The data is in — and it really was a thing.
Why it matters: A slowdown in U.S. EV sales might be underway after buyers snapped up cars before tax credits ended Sept. 30 under the GOP budget law.
- The uncertain future will affect U.S. emissions, the strategies of legacy automakers, and maybe the very survival of some EV startups.
Driving the news: U.S. EV sales smashed records in Q3, new Cox Automotive data shows, as consumers rushed to tap credits and dealers rushed to move cars.
- "EV sales volume in Q3 was up 40.7% from the previous quarter and higher by 29.6% year over year," it found.
- Fully electric models were 10.5% of new light-duty sales, up from 8.6% the same period last year.
- And that doesn't include plug-in hybrids, which Cox doesn't include but are also considered EVs in some tallies.
State of play: Various automakers fared quite differently during the overall Q3 updraft.
- Volkswagen, GM, Honda and Hyundai saw "sizeable gains" in the July-September stretch.
- Tesla accounted for 41% of EV sales — still dominant but losing market share. GM's electric Chevy Equinox SUV was the third bestseller after Tesla's Model Y and Model 3.
- Toyota and Nissan saw lower quarterly sales.
What we're watching: Sales data in Q4 and throughout 2026 to see if a new normal starts to emerge.
- "The all-time sales and share records in Q3 were all but certain. What is far less certain is what happens next," Cox notes.
Disclosure: Cox Automotive and Axios are both owned by Cox Enterprises.
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