Cowen analysts say the US electric-vehicle market has entered the early stages of stabilization, as a combination of improving self-driving capabilities and elevated fuel prices nudges consumers back toward EVs. The signal came as Tesla and Rivian reported third-quarter deliveries above Wall Street expectations.
Tesla delivered 486,532 vehicles in the latest quarter, a decline of just 2.1 percent and well ahead of the roughly 464,000 average analyst estimate. Rivian delivered 19,248 vehicles, above the roughly 17,600 expected. Cox Automotive reports that US EV market share has settled near 6 percent this year, well below the 11 percent reached during the rush to buy before the federal tax credit expired.
Hyundai's North America chief said rising fuel prices have driven a recovery in EV sales, with more dealers now requesting EV product. Google Trends data showed searches for used EVs surged this year. Analysts note that Tesla's Full Self-Driving capability has become an increasingly important selling point.
