It’s been widely reported that electric vehicle (EV) sales growth has slowed this year, but new data from the third quarter shows continued growth in the sector, as backed by incentive programs and a wider variety of options available to consumers this year than the last few.
According to Kelley Blue Book estimates reported by Cox Automotive in a press release last week, EV sales in the U.S. grew 11 percent year over year in Q3—reaching record highs in both overall market share and total delivery volume.
Total EVs sold in the third quarter reached 346,309, marking a 5-percent jump from Q2. Meanwhile, total EV market share reached 8.9 percent in Q3, which is the highest level recorded yet and marks a jump from 7.8 percent in the same quarter last year.
“While year-over-year growth has slowed, EV sales in the U.S. continue to march higher,” said Stephanie Valdez Streaty, Cox Automotive’s Director of Industry Insights. “The growth is being fueled in part by Incentives and discounts, but as more affordable EVs enter the market and infrastructure improves, we can expect even greater adoption in the coming years.”
Tesla’s share of total EV sales vs. the rest of the industry

Credit: Cox Automotive
Q3 EV Share of Total Brand Sales
Credit: Cox Automotive
Cox says it expects increased growth in the coming months, and it says market share of 10 percent is “well within reach,” especially with increased charging infrastructure and EV options on the market, as well as great incentives and discounts.
EV incentives also reached a high in the third quarter, along with leasing programs that gave automakers access to even more generous government incentives. During Q3, incentives averaged over 12 percent of the Average Transaction Price (ATP) on sales, above that of the industry average of around 7 percent.
Cox reported in July that incentives had reached a three-year high at about 11.54 percent of the ATP on sales, before climbing even higher in August to 13.32 percent. It dropped off again slightly in September, landing at 12 percent of the ATP.
EV Lease penetration of retail sales vs. industry
Credit: Cox Automotive Credit: Cox Automotive

Tesla has remained the clear EV market leader, though consumer options have continued to increase, along with the market share of other automakers attempting to ramp up their EV programs. In Q3, Tesla delivered 166,923 vehicles in the U.S., marking a 6.6 percent increase year over year.
The report also notes that Tesla returned to growth mode in Q3 with sales jumping 6.6 percent, as supported by the increasingly popular Cybertruck. Tesla sold 16,692 Cybertrucks in Q3, outselling every other EV with the exception of the Model 3 (58,423) and Model Y (86,801).
As for individual brands, Tesla was followed by Ford and Chevy in Q3, which sold 23,509 and 19,933 EVs, respectively.
Notably, General Motors (GM) EVs overall saw a 60-percent jump to 32,095 total units across brands, and surpassed Hyundai, which saw sales plateau year over year at 29,609 units.
You can see the full data from Cox Automotive here.
What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send us tips at tips@teslarati.com.
News
Tesla recalls 6,197 Cybertrucks for light bar adhesive issue
On October 20, Tesla issued a voluntary recall of the impacted vehicles and has identified 619 warranty claims and just a single field report that is related to the issue.
Tesla has recalled 6,197 Cybertrucks for a light bar adhesive issue that was utilized by Service to install the aftermarket part.
According to the National Highway Traffic Safety Administration (NHTSA), impacted vehicles may have had the light bar “inadvertently attached to the windshield using the incorrect surface primer.”
Tesla identified an issue with the light bar’s adhesion to glass back in February and worked for months to find a solution. In October, the company performed chemical testing as a part of an engineering study and determined the root cause as the BetaPrime primer it utilized, figuring out that it was not the right surface priming material to use for this specific application.
On October 20, Tesla issued a voluntary recall of the impacted vehicles and has identified 619 warranty claims and just a single field report that is related to the issue.
The component is manufactured by a Romanian company called Hella Romania S.R.L., but the issue is not the primer’s quality. Instead, it is simply the fact that it is not the correct adhesive for this specific type of application.
Tesla says there are no reports of injuries or deaths due to this issue, and it will be resolved. In the 473 report that the NHTSA released this morning, Tesla said:
“At no charge to customers, Tesla will inspect the service-installed optional off-road light bar accessory for delamination or damage and if either is present, replace the light bar with a new light bar adhered with tape and a positive mechanical attachment. If no delamination or damage is present, Tesla will retrofit the service-installed optional off-road light bar accessory with a positive mechanical attachment.”
This is the third recall applied to Cybertrucks this year, as one on March 18 highlighted the potential for exterior trim panels to detach while driving, and another earlier this month when the NHTSA said its front parking lights were too bright.
Tesla resolved the first with a free assembly replacement, while the headlight issue was fixed with an Over-the-Air software update earlier this week. Owners said there was a noticeable difference in the brightness of the lights now compared to previously.
Investor's Corner
Tesla investor Calpers opposes Elon Musk’s 2025 performance award
Musk’s 2025 pay plan will be decided at Tesla’s 2025 Annual Shareholder Meeting, which will be held on November 6 in Giga Texas.
One of the United States’ largest pension funds, the California Public Employees’ Retirement System (Calpers), has stated that it will be voting against Elon Musk’s 2025 Tesla CEO performance award.
Musk’s 2025 pay plan will be decided at Tesla’s 2025 Annual Shareholder Meeting, which will be held on November 6 in Giga Texas. Company executives have stated that the upcoming vote will decide Tesla’s fate in the years to come.
Why Calpers opposes Musk’s 2025 performance award
In a statement shared with Bloomberg News, a Calpers spokesperson criticized the scale of Musk’s proposed deal. Calpers currently holds about 5 million Tesla shares, giving its stance meaningful influence among institutional investors.
“The CEO pay package proposed by Tesla is larger than pay packages for CEOs in comparable companies by many orders of magnitude. It would also further concentrate power in a single shareholder,” the spokesperson stated.
This is not the first time Calpers has opposed a major Musk pay deal. The fund previously voted against a $56 billion package proposed for Musk and criticized the CEO’s 2018 performance-based plan, which was perceived as unrealistic due to its ambitious nature at the time. Musk’s 2018 pay plan was later struck down by a Delaware court, though Tesla is currently appealing the decision.
Musk’s 2025 CEO Performance Award
While Elon Musk’s 2025 performance award will result in him becoming a trillionaire, he would not be able to receive any compensation from Tesla unless aggressive operational and financial targets are met. For Musk to receive his full compensation, for example, he would have to grow Tesla’s market cap from today’s $1.1 trillion to $8.5 trillion, effectively making it the world’s most valuable company by a mile.
Musk has also maintained that his 2025 performance award is not about compensation. It’s about his controlling stake at Tesla. “If I can just get kicked out in the future by activist shareholder advisory firms who don’t even own Tesla shares themselves, I’m not comfortable with that future,” Musk wrote in a post on X.
News
Tesla Cybercab is heading to China’s import expo
The event will take place from November 5–10 at Shanghai’s National Exhibition and Convention Center.
Tesla will make its return to the China International Import Expo (CIIE) this November, marking its first appearance at the event since 2022. The U.S. electric vehicle maker confirmed it will showcase its highly anticipated Cybercab, which will make its Asia-Pacific debut during the event.
The expo will take place from November 5–10 at Shanghai’s National Exhibition and Convention Center.
Tesla Cybercab in China
Tesla announced its participation in the event on its official Weibo account. As per the electric vehicle maker, it would be occupying Booth A3-03 in Hall 2.1 at the National Exhibition and Convention Center. As noted in a CNEV Post report, the Cybercab, the company’s dedicated autonomous two-seater Robotaxi, will be making its Asia-Pacific debut at the CIIE as well.
The company shared a graphic on Chinese social media which showed an image featuring several Tesla products, such as the Cybercab, Optimus, and Megapack batteries. The graphic also featured a building that read “Master Plan Part IV.”


Tesla’s momentum in China
Tesla’s return comes after skipping the event last year. Interestingly enough, Tesla attended the event from 2018 all the way to 2023. Tesla’s return to the CIIE then aligns with the company’s efforts to attract consumer interest in the world’s most competitive electric vehicle market.
The Cybercab’s presence in the event could suggest that Tesla might be interested in bringing its Robotaxi to the country. This is quite interesting as China is already home to several autonomous ride-hailing services, though Tesla’s pure vision approach, which focuses on artificial intelligence and cameras, is quite unique. So far, Tesla has only rolled out its autonomous ride-hailing services in Austin, Texas, and the Bay Area, California.
-
Elon Musk2 weeks agoSpaceX posts Starship booster feat that’s so nutty, it doesn’t even look real
-
Elon Musk2 weeks agoTesla Full Self-Driving gets an offer to be insured for ‘almost free’
-
News2 weeks agoElon Musk confirms Tesla FSD V14.2 will see widespread rollout
-
News2 weeks agoTesla is adding an interesting feature to its centerscreen in a coming update
-
News2 weeks agoTesla launches new interior option for Model Y
-
News2 weeks agoTesla widens rollout of new Full Self-Driving suite to more owners
-
Elon Musk2 weeks agoTesla CEO Elon Musk’s $1 trillion pay package hits first adversity from proxy firm
-
News2 weeks agoTesla might be doing away with a long-included feature with its vehicles

