U.S. Tesla sales dip as overall EV sales grow 10.5 percent in February

In February, the volume of new EV sales declined by 5.9 percent month-on-month to 95,692 units but marked the highest volume ever reported for the month of February. Year-on-year, however, the volume of sales increased by 10.5 percent but market share declined to 7.7 percent.

Cox Automotive‘s latest report reveals that February was a good month for luxury brands, with both BMW and Rivian selling more than 4,000 units, representing increases of 20.9 percent and 34.0 percent, respectively. However, Tesla’s overall sales were down by 10.0 percent, driven by declines in the Cybertruck (down 32.5 percent), Model 3 (down 17.5 percent), and Model Y (down 3.1 percent).

Used EV sales grow 34.2 percent

Despite the decline in sales, Tesla dominated the top five selling models by sales volume, which were the Tesla Model Y, Tesla Model 3, Ford Mustang Mach-E, Honda Prologue and Rivian R1S.

In February, used EV sales declined by 4.7 percent, reaching 24,875 units. Despite this decline, there was a year-on-year growth of 34.2 percent. Tesla maintained its dominant position in the used EV market with a substantial 39.9 percent sales share despite a 9.2 percent decline in month-on-month sales volume.

Meanwhile, new EV days’ supply increased by 16.8 percent month-on-month, reaching 104 days, surpassing the ICE+ days’ supply after being below it last month. Year-on-year, the new EV days’ supply was down 31.7 percent, indicating a significant improvement in inventory turnover compared to the previous year.

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New EV prices grow 3.7 percent

The report also revealed that the average transaction price (ATP) for new EVs was $55,273, showing a 1.2 percent decline from the previous month and a 3.7 percent increase from the previous year. On average, EVs had a price premium of 16.2 percent. In addition, incentive spending reached its highest level at 14.9 percent of ATP, which was 4.4 percent higher than the prior month.

As for used EVs, the average listing price was $38,057, reflecting a 1.8 percent monthly increase and a 1.6 percent annual increase. Twelve brands had listing prices below those of their internal combustion engine (ICE+) models. Affordable options also remain available, with 39 percent of units sold priced under $25,000.

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