Chevy Equinox EV, Honda Prologue push US EV share to new record in October

With new models rolling out across the US, like the Chevy Equinox EV and Honda Prologue, EVs are expected to hit record market share in October. As the next wave of EVs hit the market, like Jeep’s Wagoneer S and the Volkswagen ID.Buzz, EV sales are expected to pick up into the end of the year.

According to new S&P Global Mobility registration data, EV share of total vehicle sales has held steady above 8% since June. In September, it was estimated to be over 9%.

With new models rolling out to dealers nationwide, EV share of the total market is expected to reach over 9% again in October.

According to the report, the higher sales share will be “Assisted by the sustained rollouts of vehicles such as the Chevy Equinox EV and Honda Prologue.”

The report also states that as the next wave of electric models, like the Polestar 3, Jeep Wagoneer S, and Volkswagen ID.Buzz, are released in the fourth quarter, “Electric vehicle sales are expected to advance over the remainder of the year. “

Many automakers set new EV sales records in the third quarter. New models and higher incentives are driving demand.

Chevy Equinox EV, Honda Prologue boost EV share

Two automakers, GM and Honda, proved that offering the right models can boost sales numbers quickly.

After the first Chevy Equinox EV models were delivered in May, GM sold over 15,000 models in the third quarter alone.

With the $35,000 LT model now available, the electric SUV is expected to see even higher demand in Q4. And that’s before the $7,500 tax credit, which could drop prices as low as $27,500. GM calls the electric Equinox “the most affordable EV in the US with 315+ miles range.”

Honda is another automaker with EV sales surging in the US. According to Cox Automotive, the electric Prologue SUV was the fifth best-selling EV in the US last quarter.

The Honda Prologue only trailed Ford’s Mustang Mach-E, the Tesla Cybertruck, Model 3, and Model Y.

The Cox Automotive Q3 report said EV incentives, which averaged over 12% over the ATP last quarter, helped drive growth. The industry average is around 7%.

Electrek’s Take

Despite some media claiming electric vehicle sales are “slowing” or “cooling,” EVs continue gaining market share over gas-powered rivals.

Most automakers, like GM and Honda, are selling a record number of EVs with double-digit YOY growth.

These numbers are expected to continue climbing as more efficient, faster-charging, and advanced models hit the market.

With a wave of models in key segments, such as three-row SUVs, luxury, and entry-level, hitting the market later this year and into 2025, EV share should break the 10% threshold in the US soon.

Ready to check out Chevy and Honda’s electric SUVs for yourself? We can help you get started. You can use our links below to find deals on the Chevy Equinox EV and Honda Prologue at a dealer near you.