- The Audi Q4 e-tron is the fastest-selling new EV, followed by the Toyota bz4X.
- Interest in electric vehicles continues to rise but is hamstrung by high prices.
- All five Tesla models occupy the top used EV search rankings.
While automakers may be concerned about slowing demand for electric vehicles, a recent study shows that some are doing better than others. Audi holds two spots in the top five fastest-selling new EV charts, an important metric as inventories across U.S. dealer lots increased through the month of May.
According to search data, demand for new EVs has risen 17.2 percent Year over Year, while electric car inventories have swollen by 77.2 percent, with an average supply of 79 days.
Read: Tesla Model Y Was World’s Best-Selling Car In 2023 With 1.22 Million Units
The data is sourced from Cars Commerce data analysts who studied listings and consumer search behavior across the company’s platforms, including Cars.com, Dealer Inspire, and AccuTrade.
The Audi Q4 e-tron was adjudged the fastest-selling new EV, followed by the Toyota bZ4X. The bZ4X was joined by its Subaru twin, the Solterra, which claimed fourth place. Perhaps this indicates a return in consumer confidence after recalls for loose wheel nuts tarnished the models’ reputation early in the game.
The Mercedes-Benz EQB 250 was second runner-up in the standings, with the model flying off lots, while Audi’s e-tron GT managed to round out the top five.
More used EVs were injected into the market, too, with 44.3 percent increase in supply, and a 65 day average. The Rivian R1S was the fastest-selling used EV, followed by the Chevrolet Bolt EUV and Rivian R1T. The Bolt makes another appearance in fourth place, with the EV variant finding a second home relatively quickly, too, while the Kia EV6 claims fifth place in the standings.
When it comes to used EV searches on Cars.com, Tesla dominates, with all models locking out the top five. The cheapest average list price from Tesla is the Model 3, at $26,922. The most expensive is the relatively new Tesla Cybertruck, at a whopping average list price of $143,796—that’s despite a Motor Vehicle Order Agreement preventing new owners from reselling the electric truck within a year.
Interestingly, the Ford F-150 Lightning dominated search data for those in the market for a new EV, followed by the Ford Mustang Mach-E and Kia’s EV9 SUV. The Cadillac Lyriq and Chevrolet Blazer EV rounded out the top five.
With more manufacturers embracing EVs, choices, and inventories on dealer lots are increasing, meaning increased room for negotiation on the part of the buyer. However, buyers are still faced with high costs for the new EV market.
“With an average price of $63,030, 28% above the new-vehicle average price, new EVs are a luxury item still working hard to push through to the mainstream market,” says Rebecca Lindland, Sr. Director of Industry Data and Insights, Cars Commerce. “While curiosity in EVs grows, the segment needs new products at lower prices or OEM incentives to help reach a broader customer base.”
