Electric vehicle sales show growth in used and new markets

Electric vehicle (EV) sales are showing resilience in both new and used markets. In the United Kingdom, used EVs have sold faster than the wider used car market for three consecutive months. Data from Brego indicates that the average time to sale for used EVs remained at 35 days through August, outperforming the general market average which ranged between 38 and 39 days. While Tesla continues to lead the rankings, Chinese brands such as BYD and Leapmotor have seen rapid turnover, with the BYD Atto 3 Evo leading at an 8.8-day average.

In the United States, new EV sales rose 2.5 percent in August compared to July, according to Cox Automotive. While year-over-year sales for battery-electric vehicles have declined, the used EV segment is experiencing significant growth, up 25.9 percent for the month. Tesla remains the dominant player, accounting for nearly 30 percent of all used EVs sold in the US last month. However, other manufacturers like Nissan and Kia have reported sizable sales gains. The average transaction price for new EVs is approaching parity with combustion-powered vehicles, currently sitting at approximately $54,754 compared to $49,907 for internal combustion engines.