U.S. electric-vehicle sales rose sharply in July as consumers moved to lock in expiring tax credits.

Deliveries of both new and used EVs spiked, eating into days’ supply and nearly hitting a record for new EVs, Cox Automotive reported.

New EV sales jumped 26% from June and 20% year-over-year to more than 130,000 units and a 9% market share for the second-highest historical showing.

The volume diminished inventory by nearly a third month-over-month and by about half year-over-year to 87 days’ worth.

Used EV sales rose 23% from June and 40% year-over-year for a 2% market share, cutting days’ supply 32% from June and 49% year-over-year to a low 40 days.

The brisk business was helped along on the new side by increased incentives for the fourth straight month to a segment record of about 18% of the average transaction price, Cox said. 

Speaking of price, the average for new EVs fell 2% from June to $55,689, down 4% year-over-year, while the average for used also dropped 2% to $35,263, though that made for a 2% year-over-year increase, according to the report.

Cox expects EV sales to remain robust throughout the third quarter as federal EV tax credits wind down toward a Sept. 30 expiration. 

Director of Industry Insights Stephanie Valdez Streaty wrote that “the market’s ability to respond to real-time demand and brand-level dynamics will be critical in shaping the next phase of growth.”

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