The EV hype was real — electric vehicle sales smashed records

Data: Cox Automotive; Chart: Axios VisualsSo that much-hyped rush to buy EVs before big federal consumer incentives ended? The data is in — and it really was a thing.Why it matters: A slowdown in U.S. EV sales might be underway after buyers snapped up cars before tax credits ended Sept. 30 under the GOP budget law.The uncertain future will affect U.S. emissions, the strategies of legacy automakers, and maybe the very survival of some EV startups.Driving the news: U.S. EV sales smashed records in Q3, new Cox Automotive data shows, as consumers rushed to tap credits and dealers rushed to move cars. "EV sales volume in Q3 was up 40.7% from the previous quarter and higher by 29.6% year over year," it found. Fully electric models were 10.5% of new light-duty sales, up from 8.6% the same period last year.And that doesn't include plug-in hybrids, which Cox doesn't include but are also considered EVs in some tallies. State of play: Various automakers fared quite differently during the overall Q3 updraft.Volkswagen, GM, Honda and Hyundai saw "sizeable gains" in the July-September stretch. Tesla accounted for 41% of EV sales — still dominant but losing market share. GM's electric Chevy Equinox SUV was the third bestseller after Tesla's Model Y and Model 3.Toyota and Nissan saw lower quarterly sales. What we're watching: Sales data in Q4 and throughout 2026 to see if a new normal starts to emerge."The all-time sales and share records in Q3 were all but certain. What is far less certain is what happens next," Cox notes. Disclosure: Cox Automotive and Axios are both owned by Cox Enterprises.Sign up here for Axios' Future of Energy newsletter.

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