July 2026 Electric Vehicle Market Overview
The electric vehicle (EV) market demonstrated slight recovery in July, with both new and used EV sales seeing growth. Inventory levels remained stable, aided by an increase in off-lease returns and trade-ins, which boosted the availability of used EVs. New EV prices experienced a small uptick as incentives decreased, while used EV values stayed relatively high compared to last year.
New and Used EV Sales – July
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New EV Sales:
- Approximately 77,266 new EVs were sold, a 3.2% increase from June but a 41.5% decline from the previous year.
- EVs made up 5.6% of total new-vehicle sales, marginally improving from June but significantly lower than the previous year’s figures, influenced by the expiration of federal EV tax credits.
- Tesla led the sales with 42,435 units, capturing about 55% of the total EV market. The Model Y constituted roughly 37% of new EV sales.
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Used EV Sales:
- Sales rose by 7.9% month-over-month and 10.1% year-over-year, totaling 36,810 units.
- Tesla dominated the used EV market, closely followed by other brands like Hyundai, Ford, BMW, and Chevrolet.
New and Used EV Days’ Supply – July
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New EV Days’ Supply:
- Decreased to 80 days, down 6.2% month over month and 1.7% year over year.
- Manufacturers showed varied inventory levels, with Volkswagen at 147 days and Subaru at the lowest with 46 days.
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Used EV Days’ Supply:
- Increased to 46 days, up 14.2% month-over-month and 13.6% year-over-year.
- Rivian showed substantial growth in inventory, while Tesla maintained the shortest supply at 38 days.
New and Used EV Prices – July
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New EV Average Transaction Price (ATP):
- Rose to $56,126, a 1.2% increase from June and 1.6% year-over-year.
- Incentives decreased to 11.8% of ATP, allowing the EV price premium over ICE vehicles to widen to $6,477.
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Used EV Listing Price:
- Averaged $37,832, down 1.2% month-over-month but up 8.3% year-over-year.
- The used EV premium over ICE narrowed to $2,967.
Looking Ahead
As the market adjusts following the expiration of federal tax credits, it may be easier to assess underlying trends. Key factors to watch include inventory alignment with demand, shifts in pricing tactics, and increasing availability of used EVs.
Note: For more detailed insights, you can delve into the full EV Market Monitor series and the Q2 Electric Vehicle Sales Report.
