In the third quarter of this year, electric vehicle and electric truck sales in the United States reached 438,500 units, as consumers rushed to take advantage of federal subsidies expiring on September 30. According to data from service and technology company Cox Automotive, this sales volume is a new quarterly record, with electric vehicles accounting for 11% of new car sales nationwide, surpassing the previous peak of 8.7%. While several affordable electric vehicles are expected to continue this growth trend next year, analysts predict a decline in electric vehicle sales in the coming months following the removal of federal tax credits. Stephanie Valdez Streaty, Director of Industry Insights at Cox Automotive, noted in the report that electric vehicles could account for one-quarter of new car sales in the US by 2030. She stated this percentage, though significantly lower than the previously envisioned 50%, is undoubtedly a departure from the "niche" category.

The sales data highlight the complex situation faced by automotive executives and environmental advocates: millions of American consumers are interested in purchasing electric vehicles, but high prices remain the primary barrier to wider adoption. Tesla Motors (TSLA.US) continues to dominate the US electric vehicle market, achieving slight growth in sales this quarter after months of declines. However, numerous competitors are rapidly closing the gap, with Tesla's market share dropping from 80% four years ago to 41%. General Motors (GM.US) is particularly accelerating its electrification efforts. With the new Chevrolet Equinox—the third best-selling electric vehicle in the US—General Motors captured 15% of the electric vehicle market this quarter, an increase from 10% in the same period last year.

Compilation data reveals that nearly half of American consumers did not utilize any federal subsidies when purchasing electric vehicles in the first half of this year. Currently, there are at least 11 electric vehicles available in the US market priced below the average transaction price for new cars. For instance, the Chevrolet Equinox is priced at approximately $35,000, while the newly released Bolt model has dropped to $29,000. However, the path for electric vehicle development still faces challenges in the short term. Institutions predict that with the cancellation of federal subsidies, the share of electric vehicles in the US market could fall to 27% by 2030, down from the estimate of 48% one year ago. S&P Global expects that electric vehicles will account for less than 7% of new car sales this quarter. "The issue of price burden will only intensify," stated Peter Nagle, Associate Director at S&P Global, "and this will undoubtedly be a critical juncture for survival."

Meanwhile, the used electric vehicle market is thriving, with more affordable electric models entering production. Institutions predict that within the next three years, at least nine electric sedans and trucks priced below $40,000 will be introduced to the US market. Hakan Samuelsson, CEO and President of Volvo (VLVLY.US), revealed that the company will achieve a "significant breakthrough" next year by launching electric vehicles with longer ranges and lower prices. "The trend of electrification in the automotive industry is irreversible," he stated. "The transformation in some regions may take longer, but the overall direction is very clear."