Tesla maintained a dominant position in the U.S. electric vehicle (EV) market in June, capturing approximately 54% of total EV sales, according to data from Cox Automotive. However, overall EV sales fell sharply, with new sales totaling an estimated 74,967 units, down 15.2% from May and 27.8% year-over-year.
Market Performance
Despite the broader decline, Tesla's sales decrease was less severe than that of the overall market. The company sold 40,460 EVs in June, a drop of over 10% in the first half of the year, but it still accounted for roughly half of all EV sales in the U.S. Rivian was the only higher-volume EV brand to report a sales increase, rising 8.3% from May, and moved into the No. 2 position in the market, according to Cox.
Used EV Sales
Sales of used EVs also experienced a decline, dropping 15.6% month-over-month to 35,253 units in June. However, this figure remained 20.3% higher compared to the same month last year. Tesla led the used EV market with 12,848 units sold through non-Tesla dealers, despite a slight decline from May. Other brands in the top five for used EV sales included Hyundai, BMW, Ford, and Chevrolet.
The decline in EV sales could affect automakers' stock prices, particularly for Tesla and Rivian, as investor sentiment may shift in response to weaker demand. The broader automotive sector may also see implications due to the reduced sales figures.
Investors will watch for upcoming quarterly earnings reports from major automakers to gauge the impact of these sales trends on their financial performance.