EV Market Monitor – November 2024

As 2024 draws to a close, the U.S. electric vehicle (EV) market continues to gain momentum. November saw steady growth in sales for both new and used EVs, with inventory tightening and narrowing the gap between EVs and ICE+ models. Additionally, the average transaction price for new EVs and the average listing price for used EVs experienced slight decreases, reflecting market conditions.

New and Used EV Sales – November

New EV Sales: In November, new EV sales reached 116,072 units, marking a 10.0% increase month over month and a 13.6% increase year over year. This was the second-highest volume for the month this year, achieving an 8.5% market share. The Tesla Model Y and Model 3 held the top spots for volume, with the Honda Prologue coming in at number three. Incentives continue to help drive sales, reaching a year-high of 14.9% of the average transaction price.

Used EV Sales: Used EV sales continued to grow strongly, reaching 25,670 units, which was a 10.2% increase month over month. This brought the market share to 1.8% for the second time this year. Sales increased by 61.3% year over year. The Tesla Model 3 had the highest volume sold, followed by the Tesla Model Y and the Chevrolet Bolt.

New and Used EV Days’ Supply – November

New EV Days’ Supply: In November, the new electric vehicle days’ supply was 93 days, marking a 13.8% decline month over month. This was the smallest gap of the year compared to ICE+ vehicles. The decline was influenced by discounts and incentives boosting sales, along with production adjustments by automakers.

Used EV Days’ Supply: The used EV days’ supply declined by 5.2% month over month, dropping to 45 days in November, making it comparable to ICE+ days’ supply. Year over year, days’ supply is down 29.6%. The tightening of used inventory continues.

New and Used EV Prices – November

New EV Average Transaction Price: The average transaction price for EVs in November was $55,105, a decline of 1.8% month over month but an increase of 1.4% year over year. The price premium over ICE+ vehicles was $6,940. Jaguar, Audi, and Porsche had the largest price declines month over month, while Volkswagen and Mercedes-Benz had the largest increases month over month.

Used EV Average Listing Price: The average listing price of used EVs decreased by 1.3% month-over-month in November to $37,341. However, it remains 10.3% lower compared to the previous year. Acura, Honda and Mazda saw the largest price listing declines month over month, while BMW and Nissan experienced the largest increases.

The EV Market Monitor gauges the health of the new and used electric vehicle (EV) markets by monitoring sales volume, days’ supply and average pricing. Each metric will be measured month over month and year over year. For a detailed new-EV sales report, see the Q3 Electric Vehicle Report, the official quarterly report of EV data. The Q4 report will be published in mid-January.

Stephanie Valdez Streaty

Director of Industry Insights

As the Director of Industry Insights for Cox Automotive, Stephanie Valdez Streaty is responsible for research and analysis, specializing in the transition to electric vehicles. Her focus is providing insights to clients and the industry on key trends impacting electrification. Previously, Stephanie was the Senior Director of Corporate Responsibility for Cox Automotive, where she was responsible for building and executing the sustainability strategy across the company.