Americans bought more than 260,000 electric vehicles in the third quarter of 2026, the best quarter in a year, according to Kelley Blue Book estimates from Cox Automotive. That is roughly 7% more than in the second quarter. Compared with the third quarter of 2025, though, sales are down nearly 40%, because last year’s quarter was the best ever for EVs in the US.
What the numbers say
EVs made up about 6.5% of new-vehicle sales in the quarter, up from 5.8% in Q2. A year earlier the share topped 10%. Count hybrids and plug-in hybrids too, and nearly 25% of Q3 sales were electrified, Cox says. These are estimates, so the decimals can move when Cox revises its report.
The year-over-year drop comes down to the calendar. The $7,500 federal EV tax credit ended at the close of September 2025, and a lot of buyers rushed to get it before it disappeared. That deadline pulled sales forward, and the market has spent the months since adjusting. Stephanie Valdez Streaty, Cox’s director of industry insights, said “What we’re seeing now is a market finding its footing again,” and that the reset phase is largely behind us.
There is an outside push, too. Cox points to gas prices well above $4 a gallon, which makes the monthly math on an EV look better.
Who won and who lost
Tesla is still the leader with more than half of US EV sales, but it sold 20% fewer than a year ago. The Model Y was 69% of Tesla’s Q3 sales and the Model 3 was 28%. Year to date, per Electrek using Kelley Blue Book data, the Model Y has sold 262,491 units (36% of the segment) and the Model 3 has sold 106,962.
The growth came from elsewhere:
- Toyota and Lexus: EV sales nearly five times last year’s level. The Toyota bZ is fourth on the year-to-date list with 24,944 sold, up 103.4%.
- Rivian: up 46% year over year.
- Subaru: up 31%, helped by a bigger EV lineup.
Almost everyone else sold fewer. Year to date, the Chevrolet Equinox EV is down 65.6% and the Honda Prologue is down 63.6%. The Hyundai Ioniq 5 sits third with 31,112 sold, down 24.3%.
Prices: lower than a year ago, with a small step up in September
Kelley Blue Book puts the average transaction price of a new EV in the US at $55,879 in September. That is 2.4% above August but 3% below September 2025. The premium over comparable gas cars was 11%, steady through 2026 and well under the nearly 18% average of 2025.
The average discount was 11% of the price, the lowest this year (it was 14.2% a year earlier). In dollars, Electrek works out an average incentive of about $6,147, though real offers vary widely by vehicle. Polestar, for example, was offering up to $25,000 off the Polestar 4, which lists from $56,400 to $57,800, through November 2. Tesla’s average price in September was $54,345, and about 1,500 Cybertrucks sold at an average of $98,109.
What to expect next
The message from the market is a slow recovery. Cox says future growth depends on good products, competitive pricing and automakers giving buyers real reasons to switch. Expensive gas helps, but it will not do the job alone.
If you are weighing a purchase, our guide on whether electric cars are worth it covers what to check first. And the story of the Kia EV3, which sold 514 units in the US in September, shows how slowly cheaper models are arriving.
Shoppers this month should compare offers across brands, since discounts differ a lot from one automaker to the next. If you can wait, you will likely find a steadier market, but there is no sign of a sharp price drop.
