Electric vehicle sales are forecast to reach 9% in the U.S. in October

S&P Global Mobility estimated that the battery-electric share of automobile sales has been above 8% every month since June, which reflects progress from levels seen earlier in the year. The rating agency forecast September and October BEV market share will reach above 9%, helped in part by higher incentives and discounts on key electric vehicles.

The improvement in BEV sales was noted by S&P to have been boosted by sustained roll-outs of vehicles such as the Chevrolet Equinox EV and Honda Prologue. New BEV models such as the Polestar 3 (PSNY), Jeep Wagoneer S, and Volkswagen ID. Buzz this quarter are also expected to help push up overall EV sales. EV sales have also been influenced by higher incentives and discounts on electric vehicles.

The ten leading EV sellers in the U.S. are Tesla (NASDAQ:TSLA), General Motors (NYSE:GM), Ford (NYSE:F), Hyundai (OTCPK:HYMTF), Rivian Automotive (RIVN), Volkswagen (OTCPK:VLKAF), BMW (OTCPK:BMWYY), Mercedes-Benz (OTCPK:MBGAF), Audi, and Nissan (OTCPK:NSANY). The U.S. is behind the overall global EV market share level of 14%. Norway, Iceland, Sweden, Denmark, and Finland are the nations with the highest market shares locally for EVs, while China is the world leader in total EV production.