New and Used U.S. EV Sales in March Rebounded Notably From February, Says Cox Automotive

On Apr. 15, 2026, Cox Automotive’s EV Market Monitor – March 2026 by Stephanie Valdez Streaty, Director of Industry Insights at Cox, reported that electric vehicle (EV) sales in March 2026 showed a strong rebound from February across both new and used segments. While elevated gas prices likely contributed to the increase, the year over year comparison offers clearer insight into underlying trends. The used EV market continues to expand at a healthy pace, while the new EV market remains under pressure, with both demand and product availability trailing last year’s levels.

New EV Sales:
March new EV sales reached an estimated 82,629 units. This represents a 24.7% decline year over year, but a 20.2% increase compared to February. EVs made up 5.9% of total new vehicle sales, slightly higher than 5.8% the previous month. The monthly growth outperformed the broader auto market, which rose 17.8%. However, market share fell from 6.8% a year ago, highlighting ongoing softness despite higher fuel prices.

Tesla remained the dominant player with 41,055 units sold. It was followed by Chevrolet, Hyundai, Toyota, and Cadillac. Although Tesla posted a month over month increase, its market share declined to 49.7% from 56.3% in February. Most automakers saw improved sales after a slower February.

Used EV Sales:
Used EV sales totaled 42,924 units in March, up 27.7% year over year and 53.9% month over month. Market share rose to 2.5%. Tesla led again with 15,385 units, followed by Ford, Chevrolet, Hyundai, and BMW. Several high volume brands, including Chevrolet, Ford, Hyundai, and Volkswagen, posted gains exceeding 50% month over month, supported by growing used inventory.

New EV Pricing:
The average transaction price for a new EV in March was $54,508, down 6% year over year and 0.7% from February. Incentives rose 3.1% month over month to $7,967, equal to 14.6% of the average price. The decline reflects both pricing pressure and a shift in sales mix. Tesla’s pricing adjustments had an outsized impact due to its volume share, while increased sales from lower priced brands like Chevrolet and Toyota added further downward pressure. Cadillac and Ford were exceptions, each posting monthly price increases. The price gap between EVs and internal combustion vehicles narrowed to about $5,800, a record low.

Used EV Pricing:
The average listing price for used EVs was $34,653, down 6.1% year over year and 0.4% month over month. Tesla’s average listing price rose 1.5% to $32,045, partially offsetting mix shifts toward more affordable brands such as Hyundai, Chevrolet, and Volkswagen. Ford recorded the largest monthly increase at 4.4%, while Cadillac and Audi saw the steepest declines, dropping 4.5% and 3.7%. The price premium over comparable gas vehicles narrowed further to just $1,012, signaling continued movement toward parity.

Outlook:
Higher gas prices are beginning to drive more consumer interest in EVs, increasing activity across platforms like Kelley Blue Book and Autotrader. However, sustained high fuel costs over a longer period will likely be necessary to significantly shift purchasing behavior. Factors such as charging infrastructure and upfront pricing continue to play a major role.

New EV sales improved meaningfully in March but remain below levels seen prior to recent changes in emissions regulations and incentive programs. In contrast, the used EV market continues to build momentum as inventory expands and pricing becomes more accessible. With supply increasing and prices easing, used EVs are expected to remain a key growth driver through the rest of the year.

EVinfo.net’s Take: Fuel Prices Not Coming Down Soon, Toyota and Hyundai Best Positioned for the Wartime EV Boom

We’ve already seen the worldwide used EV boom take off from the Iran war. EVinfo.net reported 3x war-related used EV sales in Australia recently. For new EV sales to take off due to the war, a longer period of high fuel prices is needed to convince buyers, since switching to a new powertrain on a vehicle, one of the most expensive financial decisions a person or business can make, will take more time and a lot of education. There remains significant anti-EV misinformation and disinformation in the global media, sponsored and spread by a wide variety of bad actors and poorly informed people, which discourages EV buyers who believe it.

Geopolitical instability continues to ripple through global energy markets, and there is little indication that the current conflict will resolve quickly or that fuel prices will meaningfully decline in the near term. While that reality raises serious economic and humanitarian concerns, it is also accelerating a structural shift that has been building for years: the move toward electric vehicles. EVs, when combined with renewable energy and batteries, are best for any nation’s national security.

At EVinfo.net, the expectation is that sustained high fuel costs will push more consumers and fleets to reconsider total cost of ownership, as we have no confidence the US administration is competent enough to end this war quickly. Gasoline volatility has always been one of the most effective catalysts for EV adoption. When price spikes persist, the economic argument for electrification becomes far more compelling, especially in the used EV market where upfront costs are already lower and inventory continues to expand.

This moment creates a clear opportunity for automakers operating in North America and globally. Over the past year, several manufacturers pulled back on EV production targets, citing demand uncertainty and shifting regulatory conditions. That caution now looks increasingly out of step with market dynamics. If fuel prices remain elevated, demand signals could strengthen quickly, and automakers that scaled back may find themselves behind the curve.

Some companies are already adjusting course. Toyota, long criticized for its slow transition into battery electric vehicles, has begun to correct its trajectory with renewed investment and product development. This pivot reflects a broader recognition that hybrid leadership alone is not sufficient in a market that is steadily moving toward full electrification.

Meanwhile, Hyundai has maintained consistent momentum in EV development and deployment. Its willingness to invest through market uncertainty is now positioning it as one of the most competitive players in the global EV landscape. Strong product execution, combined with scale and availability, has allowed Hyundai to capture market share while others recalibrate.

Tesla is still in the lead, but not for long, under its bad CEO. The company’s moves into robotaxis, robots and AI are all vastly outclassed by competitors. Without new EV models, its main source of income, it will keep losing money and EV market share.

The broader takeaway is straightforward. External shocks, particularly in energy markets, tend to accelerate transitions that are already underway. The current environment is not creating EV demand from scratch, but it is compressing the timeline. Automakers that recognize this and respond with increased production, better availability, and competitive pricing will be best positioned to capitalize.

For consumers, especially those considering used EVs, this period may offer one of the most attractive entry points yet. For the industry, it is a test of strategic conviction.

Now’s the time to go BEV. EVs are the most eco friendly and the most cost effective vehicle, and are easier to adopt than many people realize. Public charging is growing fast, EV range is increasing while charging time is decreasing. Many state and utility incentives still exist. I’m an EV driver, saving money with every electric mile driven. I hope you’ll join me. You’ll save money and the planet at the same time.