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Investing.com -- Americans purchased 438,500 electric vehicles in the third quarter, setting a new quarterly record as buyers rushed to secure federal incentives before they expired on September 30.
Electric vehicles made up 11% of all new car sales during the period, surpassing the previous high of 8.7%, according to data from Cox Automotive.
While Tesla remains the dominant player in the US electric vehicle market with a small sales increase in the third quarter following months of declining results, its market share has significantly decreased. Tesla now holds 41% of the EV market, down from 80% four years ago as competitors rapidly gain ground.
General Motors has emerged as a strong competitor, capturing 15% of EV sales in the quarter, up from 10% in the same period last year. The company’s growth was driven largely by its new Chevrolet Equinox, which ranked as the third best-selling electric vehicle.
According to BloombergNEF data, nearly half of US electric vehicle purchases in the first half of 2025 were completed without any federal incentives.