December saw record-breaking EV market share for new and used EVs, with inventory levels tightening and closing the gap between EVs and ICE+ models, according to numbers Cox Automotive released on Jan. 21. 

While the average transaction price for new EVs edged up slightly, the average listing price for used EVs dipped, reflecting the current market dynamics.

New EV Sales: In December, new EV sales volume rose 14% month over month to 132,392 units, achieving a record sales month and market share of 8.8%. December’s strong performance pushed the total annual volume to 1.3 million units. The top five selling models in December, ranked by sales volume, were the Tesla Model Y, Tesla Model 3, Honda Prologue, Ford Mustang Mach-E, and Chevrolet Equinox, making up 54% of total EV sales for the month.

Used EV Sales: Used EV sales rose to 28,483 units in December, up by 7.4% month over month and 64.8% year over year, achieving a record market share of 1.9%. In 2024, 287,175 used EVs were sold, a 62.6% increase from the previous year. The top-selling models in December were the Tesla Model 3, Tesla Model Y, Chevrolet Bolt, Tesla Model S, and Ford Mustang Mach-E.

New EV Days’ Supply: In December, the supply of new electric vehicles tightened, decreasing by 18% month over month. This reduction was driven by strong demand for EVs, which pushed the days’ supply below that of internal combustion engine (ICE+) vehicles for the first time in two years.

Used EV Days’ Supply: The supply of used electric vehicles also continued to tighten, decreasing by 0.6% month over month and 36% year over year. The high demand for used EVs, fueled by more affordable prices and increased consumer confidence in their reliability, contributed to this trend.

New EV Average Transaction Price: In December, the average transaction price for new electric vehicles was $55,544, a 1.1% increase from the previous month and a 0.8% rise from the previous year. EV incentives were equal to 14.3% of the ATP last month, lower than in November when EV incentives were equal to 14.7%. In December, the ATP for a new EV was $6,274 higher than the ICE+ ATP ($49,270), the second-lowest premium in 2024. December's top five most affordable EVs were the Nissan Leaf, Fiat 500e, Hyundai Kona, Kia Niro, and Chevrolet Equinox.

Used EV Average Listing Price: The average listing price for used electric vehicles was $36,976, showing a 1% decrease month over month and an 8.9% decrease yearly. Ten brands had listing prices at or below those of their internal combustion engine (ICE+) models. Porsche and Chevrolet had the largest difference in listing prices below their ICE+ counterparts, with Porsche leading the luxury segment at $11,028 below ICE+ and Chevrolet leading the non-luxury segment at $9,212 below ICE+.