Electric vehicle sales in the US dropped to just over 70,000 units in November, more than 40% lower than the previous year and 5% below October. While average prices edged down slightly, incentives rose significantly, signaling a market in transition. Tesla faced particular pressure with declining sales across its models.
Initial estimates from Kelley Blue Book indicate that US EV sales reached just over 70,000 units in November, marking a more than 40% decline from November 2024 and a 5% drop from October. The average transaction price for a new EV stood at $58,638, up 3.7% year-over-year but down 0.8% from the prior month. Incentives, however, told a contrasting story, averaging 13.3% of the ATP—lower than in November 2024 but surging 20.1% compared to October.
Tesla, a dominant player in the EV market, continued to experience headwinds. Its average transaction price was $54,310 in November, down 1.7% from the same period last year but up 1.5% month-over-month. Overall sales for the automaker declined for the second consecutive month, falling 22.7% year-over-year, primarily due to waning demand for the Model 3. Model 3 sales specifically slid 42.1% compared to November 2024 and dropped 11.9% from October.
In contrast, the Model Y remained the best-selling EV in the US, with prices increasing 0.9% both year-over-year and month-over-month. Its sales were down just 0.5% from last November but rose 2.5% from October. The Tesla Cybertruck, once the top-selling vehicle over $100,000, showed signs of cooling interest, with sales at 1,194 units—the lowest monthly total of 2025 so far. Its average price was $94,254, higher than both year-over-year and October figures.
These figures illustrate an EV market seeking stability: prices are easing, incentives are climbing, yet buyer caution persists. Cox Automotive executive analyst Erin Keating noted, “It’s important to remember that the KBB ATP is a measure of what is bought, not what is available. Nearly half of new-vehicle buyers are over the age of 55 and in their peak earning years. These buyers are more likely shopping for a high-end SUV, not something cheap and cheerful. In November, the over-$75,000 price point saw more volume than under-$30,000.”
