November extended October’s post-incentive slowdown as the expiration of the federal EV tax credit continued to weigh on demand. New EV sales fell again, used sales eased slightly, and inventories rose sharply — especially on the new-vehicle side — while pricing softened across both segments.

EV Sales Decline Again in November

New EV Sales

New EV sales totaled an estimated 70,255 units, down 5.2% from October and down 41.2% year over year. EV share of total U.S. sales fell to 5.4%, the lowest since April 2022, down from 5.8% in October. Year-to-date EV sales remain 2.1% ahead of last year’s pace.

Top OEMs by volume:

• Tesla: 39,800

• Rivian: 4,500

• Ford: 4,188

• Chevrolet: 3,112

• Hyundai: 2,853

Tesla’s volume dipped 2.1% month over month, but its share climbed to 56.7% as competitors posted steeper declines. Rivian led major brands with a 7.6% year-over-year gain and rose 14.1% from October.

Used EV Sales

Used EV sales reached 28,257 units, down 0.5% from October but up 14.2% year over year. Used EV market share held steady at 1.9%.

Top brands by used EV sales:

• Tesla: 10,785

• Ford: 2,094

• Audi: 1,848

• Chevrolet: 1,790

• BMW: 1,596

Tesla continued to dominate at the model level, holding four of the top five spots. Among the top five brands, Audi posted the strongest month-over-month increase at 12.1%.

EV Pricing Softens in November

New EV Transaction Prices

The average transaction price (ATP) for new EVs slipped to $58,638, down 0.8% month over month but up 3.7% year over year. Incentives rebounded to $7,785, or 13.3% of ATP, up from October’s year-low 11.1%. The price premium over ICE+ vehicles narrowed to $9,475. Tesla’s ATP rose 1.5% month over month to $54,310.

Used EV Listing Prices

Used EV listing prices fell 2.7% month over month and 2.4% year over year to $36,440, narrowing the price premium over ICE+ vehicles to $2,762. Most brands posted monthly declines; Volvo (+3.5%) and Kia (+2.7%) were notable exceptions. Average used Tesla listing prices slipped 1.8% to $31,515. Forty-three models remained under $30,000, including the Tesla Model 3 at $23,583.

Days’ Supply Surges for New EVs

New EV Days’ Supply

New EV days’ supply surged to 149 days in November, up 80.2% from October and up 42.0% year over year, the highest level since February 2024. Toyota, Volkswagen, and Hyundai posted the highest days’ supply in the latest measure, while BMW had the leanest inventory.

Used EV Days’ Supply

Used EV days’ supply rose to 46 days, up 14% from October but down 2.4% year over year, remaining below ICE+ levels for the eighth consecutive month. Among major brands, supply ranged from 37 days for Tesla to 56 days for Volkswagen. Note: Tesla figures reflect dealer-available inventory, excluding direct-to-consumer stock.

Market Outlook

November’s results reinforce the reset underway as EV demand adjusts to a post-incentive environment. With inventories elevated and pricing easing, near-term performance will likely depend on production discipline, targeted incentives, and strategies to rebuild consumer confidence while more closely matching supply to demand.