<div id="readability-page-1"><div>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.Read More:<ul><li>Stellantis Recalls Nearly 16K Fiat 124 Spider Roadster Vehicles In The US Over Improper Airbag Deployment Concerns</li></ul>Photo courtesy: Shutterstock</div></div>

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Electric vehicle sales in the U.S. are projected to rise by 8% in Q3 year-over-year, reaching about 9% of total new vehicle sales, according to Cox Automotive. However, Tesla's sales are expected to decline by 2%, with an estimated 152,829 EVs sold. The average transaction price for EVs remains higher than that of internal combustion engine vehicles, contributing to their limited market share. Cox forecasts a total of 15.7 million vehicle sales in the U.S. by the end of 2024, despite anticipated market volatility.

- Electric vehicle sales are projected to increase by about 8% year-on-year in the third quarter, accounting for approximately 9% of total new vehicle sales.  
- Used EV sales are expected to see a significant 69% growth, while Tesla's sales are forecasted to decline by about 2%.  
- The average transaction price of EVs remains higher than that of internal combustion engine vehicles, impacting their market share, with an outlook of 15.7 million total vehicle sales in the U.S. by the end of 2024.

EV Sales Expected To Gain Momentum In US In Q3 Even As Market Leader Tesla Is Projected To Decline: Report