It’s a great time to have an electric vehicle – and more Americans are getting the message.
Despite President Donald Trump’s pledge to refrain from striking Iran before next month’s midterm elections, oil markets are still roiling. The average price for a gallon of gasoline across the country has been stuck at over $4 for months now, making it considerably cheaper to drive an EV than a gas-powered car, even if you only charge up at pricey public stations.
Of course, going electric was a pretty sweet deal a year or so ago too, when the federal government still offered tax credits for certain EV purchases. The end of those incentives sent EV sales off a cliff, but now they’re finally on the rebound. U.S. consumers bought 262,649 new EVs in the third quarter of this year, marking two straight quarters of sales growth after last year’s face-plant, according to Cox Automotive.
That number is nowhere close to the record 437,487 new EVs sold in the third quarter of last year, when Americans rushed to take advantage of federal tax credits before they expired. But this time the growth is likely to continue, Cox Automotive says, as gas prices show no sign of going down soon.
The current hot streak extends to used EVs too. Americans bought 44,350 used EVs in August, up 26% from July and up 15% from a year prior, Cox reports – and one vehicle in particular is helping drive the surge. Ford canceled production of its F-150 Lightning in late 2025 after years of sluggish sales, but the discontinued truck is now dominating the resale market. Analysts say the price tag for a brand-new Lightning was too high to attract a lot of buyers, but it’s a worthwhile deal at a reduced cost.
Of course, Americans aren’t the only ones facing gasoline price spikes and turning to EVs as a result. European drivers bought nearly 600,000 EVs in September, marking the continent’s biggest sales month on record, according to Benchmark Mineral Intelligence. And overall, global EV sales rose 17% in September compared to the month before.
Sky-high gasoline prices probably won’t continue indefinitely, but America’s EV market rebound might. One reason? Automakers are rolling out more and better all-electric options in the U.S. (even though cheap Chinese models are banned). Ford’s next electric pickup will be far more affordable than the Lightning, Subaru’s new electric SUV charges faster than its predecessor and Rivian recently began selling a less expensive version of its popular SUV, to name a few improvements.
It all means there’s a good chance that steady, sustainable growth will persist, and that the boom-and-bust cycle of the last few years may finally have ended.
This analysis and news roundup come from the Canary Media Weekly newsletter. Sign up to get it every Friday.
Kathryn Krawczyk is the engagement editor at Canary Media.
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