Key facts
- Tesla's US EV market share reached 54% in the third quarter.
- Tesla's third-quarter US sales increased 15% from the prior quarter.
- Overall US EV sales rose 6% in the third quarter.
- Sales for EV brands other than Tesla fell about 3% in the third quarter.
- High gas prices are cited as a key driver for EV demand.
Tesla's market share in the US electric vehicle sector has grown significantly in the third quarter, with the company selling an estimated 144,094 vehicles. This represents a 15% increase from the previous quarter and accounts for 54% of all new EVs sold in the US during the period. The overall US EV market saw a 6% increase in sales, reaching 262,649 units, but sales outside of Tesla declined by approximately 3%. Cox Automotive attributes the increased interest in EVs to high gasoline prices, which make electric vehicles a more attractive alternative for consumers. Despite the overall market recovery, total US EV sales remain down nearly 40% compared to the same quarter last year, a period that saw an unusually strong surge in demand before federal incentives expired.