Gas Prices Are Up, And So Are EV Sales
AI-summarised brief · reviewed before publication
New data from Cox Automotive shows that electric‑vehicle sales rose in August, with new EVs up 2.5 % month‑over‑month and used EVs up 25.9 %. Tesla remains the dominant brand, selling just under 41,000 new units and capturing nearly 30 % of the used market. Toyota’s sales surged 34.9 % to 4,964 units. Average new‑EV transaction prices fell 1.3 % in August, reaching $54,754, while used‑EV listings averaged $37,441, down 1 % from July. Battery‑electric sales remain 46.9 % below the 2023 peak.
💡 Why It Matters
- · Rising EV sales amid higher gas prices signal a shift toward cost‑saving alternatives.
- · The narrowing price gap between electric and combustion vehicles could accelerate broader adoption.