According to Kelley Blue Book, EV sales continued to climb in Q3, with electric vehicles making up 8.9% of total market sales—up 7.8% from last year and 5% from Q2.
Tesla’s still everyone’s main squeeze posting a 6.6% sales bump (thanks in large part to the debut of the Cybertruck which moved over 16K units).
However, GM saw a massive jump of nearly 60% in EV sales last quarter thanks to strong sales from three of its four core brands—Cadillac, Chevrolet and GMC.
Hyundai, Ford, and Honda similarly saw a boost in EV sales, with Honda pushing out over 15K electric vehicles in Q3 alone.
EVs aren’t exactly cheap, and manufacturers know it.
That’s why incentives have become clutch to driving electric vehicle sales.
With EVs priced about $9K higher than your typical ICE vehicle, automakers are pulling out all the stops to bring those price tags back down to earth.
Leasing has become the go-to move for many drivers getting behind the wheel of an EV without feeling the sting of that price premium.
A “leasing loophole” currently allows customers to access those sweet government-backed savings without going over budget, making it an attractive option for those who are not ready to fully commit to an EV.