The electric vehicle market lost momentum in April following March’s rebound, as new vehicle demand softened while used EV sales continued to strengthen. The latest data highlights a market increasingly shaped by affordability pressures, shifting inventory conditions, and more disciplined supply management across automakers.
While higher fuel prices kept efficiency in focus, most buyers continued to favor hybrids and efficient gasoline vehicles over fully electric models, reinforcing a gradual rather than explosive EV adoption curve.
New EV Sales Decline as Market Demand Softens
New electric vehicle sales in April totaled an estimated 76,889 units, marking a 23.1% year-over-year decline and a 6.2% drop from March. EVs accounted for 5.6% of total new-vehicle sales, slightly lower than the previous month as broader automotive demand weakened.
Market leadership remained firmly with Tesla, which sold 37,550 units, maintaining the top position despite a reduced market share of 48.8%. Behind Tesla, the strongest performers included Chevrolet, Hyundai, Ford, and Cadillac.
Most automakers experienced month-over-month declines, reflecting the broader slowdown in high-volume EV segments. However, Ford stood out with a 23.9% monthly increase, partially offsetting weakness elsewhere in the market.
Used EV Market Continues Strong Expansion
In contrast to new vehicle softness, the used EV market maintained strong momentum. Used EV sales reached 42,080 units in April, up 16.7% year over year and 3% month over month, pushing used EV market share to a record 2.8%.
Tesla again led the segment with 16,174 used units sold through non-direct channels, followed by Hyundai, Chevrolet, Ford, and BMW.
The growth reflects improving inventory availability and a growing number of off-lease EVs entering the secondary market. While gains were broad-based, performance varied across brands, with some high-volume manufacturers seeing stronger turnover than others.
Inventory Tightens Across Both New and Used EV Markets
New EV inventory continued to tighten, with days’ supply falling to 79 days in April. This represents a decline of more than 20% year over year, signaling that oversupply pressures are gradually easing.
Inventory conditions remain uneven across brands. Toyota, Hyundai, Mercedes-Benz, and Subaru maintained relatively lean stock levels, while Volkswagen, Nissan, and GMC continued to carry higher-than-average inventory.
The used EV market showed even stronger tightening, with days’ supply falling to 32 days, down 31.8% year over year. For the second consecutive month, used EV inventory remained below the broader ICE+ used-vehicle segment, indicating faster turnover and stronger demand relative to supply.
Brands such as Chevrolet and Nissan led the tightening trend, while Tesla, Toyota, and Rivian remained among the leanest at roughly 28–29 days’ supply.
EV Prices Show Mixed but Stabilizing Trends
The average transaction price (ATP) for a new EV reached $55,211 in April, up 1.4% month over month but still down 4.9% year over year. Incentives eased slightly to $7,640, or 13.8% of ATP.
The increase was driven largely by a shift toward higher-priced models rather than broad price inflation. Strong sales from premium segments pushed the average upward even as lower-priced, high-volume models such as those from Chevrolet and Toyota declined.
Despite pricing below the market average, Tesla’s large sales volume contributed significantly to shaping overall pricing trends. The EV price premium over ICE+ vehicles widened slightly to approximately $6,214.
Used EV pricing strengthened modestly, with average listing prices reaching $35,895, up 4.2% month over month and slightly higher year over year. This marked the first positive annual reading since mid-2025, signaling stabilizing resale values.
Price gains were widespread, including increases from Tesla (+6.0%), Chevrolet (+7.7%), Hyundai (+4.4%), and Ford (+3.9%).
Used EVs also maintained a modest premium over ICE+ vehicles, widening slightly to $1,096.
Outlook: Market Stabilization With Diverging Segments
April’s data reinforces a maturing EV market transitioning toward more stable growth patterns rather than rapid expansion.
New EV sales are expected to remain volatile in the near term, influenced by broader vehicle market softness, shifting incentive strategies, and uneven inventory distribution. However, tightening supply conditions suggest that oversupply concerns are gradually easing.
The used EV segment continues to stand out as the strongest growth area. Expanding model availability, increasing off-lease volumes, and faster turnover rates are expected to support continued momentum through the rest of 2026, making it the most resilient segment of the EV market.
[source: Cox Automotive]
