Americans registered 5% more new electric vehicles (EVs) in October than the same month last year, according to a new analysis from S&P Global Mobility. But the gains didn’t come from the usual place. Telsa, long the market leader, saw its registration numbers slip by 1.8%.
“Tesla’s volume has declined in seven of the first 10 months of the year,” notes industry publication Automotive News.
Related: Americans Bought Record Number of EVs In Q3
Tesla Losing, GM Gaining
Tesla remains the runaway leader in EV sales. But its drop is obscuring growth in the rest of the market. Excluding Tesla, EV registrations grew by 11% in October, S&P says. Factoring Tesla in more than cuts that growth in half.
“Prior to February, Tesla was pulling the EV market, and since February, Tesla has been hindering the EV market,” explains analyst Tom Libby.
General Motors was the biggest winner in October. Americans registered 72% more GM EVs this October than last.
“Chevrolet grew EV sales 38% from a year earlier, largely on the Blazer and Equinox EVs, which combined for 6,741 registrations. Cadillac more than tripled sales of the Lyriq to 2,489. GMC Hummer SUV volume nearly quadrupled to 1,015,” Automotive News explains.
Tesla Model Y registrations, meanwhile, fell 14% to just under 22,000. The pricier Model S and X say their registrations drop by more than 50%.
End-of-Year Surge Likely
“Luxury EV and Tesla sales often tick up in December and will likely follow the same pattern this year,” AN notes.
Heavy discounts will help. The average new car buyer got an 8% discount last month, but the average EV buyer saw a 14.9% discount.
It’s harder, however, to predict what happens after December. In a blog post, S&P Global Mobility notes, “The global automotive industry is facing a period of significant uncertainty as it navigates the implications of a second Trump administration. In North America, tax cuts, rising interest rates, and trade disruptions through tariffs will create an environment where vehicle affordability may be compromised, even as the economy shows signs of modest growth.”
