Electric vehicle sales volume in the third quarter will increase by about 8% compared to a year ago, according to industry firm Cox Automotive.

What Happened: As per Cox's estimates, EVs will witness an 8% growth year-on-year, and account for about 9% of total new vehicle sales in the third quarter. The firm also sees a 69% year-over-year jump in used EV sales in the period.

However, the growth in new EV sales won't be due to the rise in EV giant Tesla's vehicle sales, according to Cox. The firm forecasts that Tesla will sell only 152,829 EVs in the third quarter, down by about 2% from a year ago.

EVs Continue To Be A More Expensive Bet: The single-digit market share of EVs could be due to the higher price point of electric vehicles. The average transaction price (ATP) of an EV continued to be higher compared to an internal combustion engine (ICE) vehicle.

In August, the ATP of an EV was at $56,574 when that of a combustion engine vehicle was below $48,000.

Outlook For The Year: Through the end of 2024, Cox now expects 15.7 million vehicles to be sold in the U.S. irrespective of fuel type, owing to the two extra selling days this year as compared to 2023, among other influencing factors.

However, the firm said that more volatility is expected through the end of the year.

Check out more of Benzinga's Future Of Mobility coverage by following this link.

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