EV Sales Surge in March Despite Tariff Pressures and Tightening Inventory
In March, both new and used EV sales saw strong growth, with new EVs up 18.5% month over month and used EVs surging 45%. However, the new EV market share dipped slightly to 6.8% due to tightening inventory, influenced in part by recent tariff news.
While new EV prices rose to an average of $59,205—widening the price gap with gas vehicles—used EV prices dropped slightly to $36,929, with many affordable options under $25,000 still available.
Tesla remained the leader in both markets, though its new vehicle market share declined. Inventory levels fell sharply across the board, with new EV supply down 12.5% and used EV supply down 4.4%, as consumer demand spiked in anticipation of price increases driven by tariffs on Chinese EV components and batteries.
Check out the Fleet Insights Fleet OEM Tariff Impact Hub
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