February underscored the EV market’s new reality, with new EV sales sharply lower year over year and used EV momentum continuing to build. Inventory levels tightened from January and prices were pushed lower across both new and used segments, highlighting a market increasingly driven by affordability and demand alignment.
New and Used EV Sales – February
New EV Sales: February new EV sales totaled an estimated 68,951 units, down 26.8% year over year but up 5.8% month over month, with EVs accounting for 5.8% of total new vehicle sales. Tesla remained the clear volume leader at 38,500 units, followed by Hyundai, Chevrolet, Toyota and Cadillac. Tesla sales were lower 4% month over month, pulling its market share down to 55.8% from 60.5% in January.
According to Cox Automotive estimates, Chevrolet was the standout performer in February, with volume surging 70.7% month over month and vaulting into the top three. Hyundai and Toyota also posted month-over-month gains. In contrast, Ford declined marginally and Nissan saw a sharper pullback.
Used EV Sales: Used EV sales totaled 30,879 units in February, up 28.8% year over year and 4.2% month over month, with market share holding steady at 2%. Tesla led used EV sales last month, with more than 12,133 retail units sold at non-Tesla dealerships, followed by Chevrolet, Ford, BMW and Hyundai. While most brands recorded monthly increases, declines were concentrated among European nameplates, including Audi, Volkswagen, Mercedes‑Benz and BMW.
New and Used EV Days’ Supply – February
New EV Days’ Supply: New EV days’ supply fell to 130 days in February, down 27% month over month but still 23.7% above year‑earlier levels. The gap between EV and ICE+ days’ supply narrowed to 41 days from 71 days in January, as inventories tightened from last month’s elevated levels. Ford and Chevrolet carried the heaviest supply, while Toyota and Mercedes‑Benz remained the leanest among brands.
Used EV Days’ Supply: Used EV days’ supply came in at 42 days in February, down 9.8% month over month and 10.2% below year‑earlier levels, edging above ICE+ levels for the first time in nearly a year. Supply tightened broadly among high‑volume brands, with Hyundai and Ford posting the largest declines, consistent with their strong sales gains during the month. Audi was the key exception, with days’ supply rising. Tesla remained the major brand with the lowest days’ supply at 35.5 days. Note: Tesla figures reflect only vehicles available through traditional dealerships, excluding vehicles at Tesla‑owned outlets.
New and Used EV Prices – February
New EV ATP: The average transaction price for new EVs in February was $55,300, down 1.4% year over year and 0.6% lower month over month. The EV premium over ICE+ narrowed to $6,532, the lowest on record. Incentives increased 13.8% to reach an average of $7,870 or 14.2% of ATP, up from a revised 12.4% in January. Among high-volume brands, Tesla and Kia posted month-over-month ATP gains, while Chevrolet, Cadillac and Ford recorded the largest month-over-month declines.
Used EV Listing Price: The average listing price for used EVs was $34,821 in February, down 8.5% year over year and 1.9% month over month. Among high-volume brands, Tesla edged down 1.1% to $31,491, while Mercedes-Benz, Hyundai and Audi posted the steepest month-over-month declines. Cadillac rose 5.0% to $56,816.
The price premium over ICE+ vehicles narrowed to $1,334 in February, with 18 of 26 brands now with an average used EV price below their used ICE+ equivalents, with Porsche, Lexus and Toyota showing the widest gaps.
Looking Ahead
As the EV market enters the spring selling season, it appears to be moving through an ongoing normalization phase, with manufacturers and retailers still working to identify sustainable, natural demand levels.
A wave of new EV launches in 2026 could broaden consumer choice and support volume growth beyond the current top brands. Rising gasoline prices may also increase consideration for EVs among shoppers weighing total cost of ownership.
View Historical EV Market Monitor reports.
