Driving the news: Electric vehicle sales showed mixed results in May, with new EV sales declining 10.7% year-over-year despite record incentives ($8,226 per vehicle) and modest monthly gains, per Cox Automotive.
For context: New EV sales reached 103,435 units in May, maintaining 6.9% market share, while used EV sales surged 32.1% year-over-year to 36,609 units.
Tesla $TSLA ( ▼ 2.36% ) led both markets with 46,150 new vehicle sales and nearly half of all used EV transactions.
Used EV inventory has tightened to just 40 days while new EV supply sits at 111 days.
Why it matters: It’s a tale of two markets. Used EVs are gaining traction as prices drop. But on the new side, demand is softening likely due to high prices, shifting policies, and questions about where the market is headed next.
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