In May 2025, the US new energy vehicle market will continue to show a trend of structural differentiation.

◎ Hybrid electric vehicle sales have significantly increased by nearly 40%, becoming the main force in the market.

◎ However, the sales of plug-in electric vehicles (including pure electric and plug-in hybrid) have slightly decreased compared to the same period, indicating that the growth momentum of the pure electric market is slowing down due to factors such as subsidy reduction and slow infrastructure development.

◎ Hydrogen fuel cell vehicles are still in a very niche stage with limited market influence.

◎ As the US electric vehicle tax rebate policy fades out, the market is undergoing a period of adjustment from a "single path of electrification" to a "parallel path of multiple technologies".

Hybrid models rebound strongly, traditional car companies have obvious advantages

In May 2025, the sales volume of hybrid vehicles in the United States reached 194119 units, a year-on-year increase of 39.6%, including 63059 traditional hybrid sedans and 131060 long-range hybrid SUVs and crossover vehicles.

Toyota alone contributed over 44% of sales, demonstrating its long-term accumulation and product layout in hybrid technology are receiving market returns.

Faced with consumers' dual concerns about battery life, cost, and charging convenience, hybrid technology is gradually recovering as a transitional solution.

Especially in non core urban areas of the United States, where refueling is more convenient and acceptance of electrification is slower, hybrid models have more practical appeal due to their advantage of "energy-saving without charging".

With the policy no longer strongly promoting "comprehensive electrification" but emphasizing a multi-path emission reduction route, car companies with mature hybrid platforms such as Toyota, Honda, and Ford are regaining the initiative in the energy-saving market.

Stable technology, complete supply chain, and no need for large-scale investment in charging infrastructure are important supports for the sustained increase in sales of hybrid vehicles.

The plug-in market is experiencing sluggish growth, and the development of pure electric vehicles is currently facing bottlenecks

In May 2025, a total of 131062 plug-in electric vehicles (including pure electric and plug-in hybrid) were sold in the United States, a year-on-year decrease of 2.3%.

Among them, pure electric vehicles dominate, reaching 102170 units, accounting for nearly 80% of the total sales of plug-in vehicles. There were 28892 plug-in hybrid vehicles, which to some extent buffered the decline in the pure electric market.

The proportion of pure electric vehicle sales for the whole year of 2024 is 9.9%, with a limited increase of only 0.5 percentage points compared to 2023, indicating that growth has shown signs of fatigue.

Although nearly 7 million plug-in electric vehicles have been sold in the United States as of the end of May 2025, the slowdown in monthly growth reflects that the market is gradually entering a period of stability.

The influencing factors include consumers' unresolved anxiety about electric vehicle range, lagging coverage of charging facilities, high insurance and maintenance costs, and the gradual decline of subsidy policies.

At the current stage where electric vehicles still require high cost-effectiveness to impress the mainstream market, these factors constrain the penetration speed of pure electric models.

The overall sales of plug-in hybrid models are also average.

New car market under pressure, second-hand market

In May 2025, the sales of new electric vehicles in the United States increased by 4.2% month on month, reaching 102000 units. The industry is experiencing sluggish growth due to multiple factors such as high interest rates, uncertain subsidies, and price sensitivity.

Tesla still dominates with a record of 46150 vehicles, but its month on month growth is only 0.6%.

General Motors, Hyundai, Ford, and Honda followed closely behind, with Honda only entering the electric vehicle market for the first time last year and currently ranking among the top five, indicating that traditional car companies' electrification strategies are gradually achieving results.

Inventory data also reveals market tension.

The average supply days of new electric vehicles in May increased to 111 days, far higher than those of gasoline vehicles. Although it is still lower than the same period last year, the growth trend has become apparent. The rising inventory levels of most brands indicate the inventory management pressure faced by manufacturers in the face of slowing sales.

In terms of price, the average transaction price of new electric vehicles has dropped to $57734, a decrease of 2.3% compared to the previous period, and the price difference between electric and gasoline vehicles has further narrowed to $9644.

At the same time, the intensity of incentive measures continues to increase, with an average subsidy of $8226, accounting for 14.2% of the transaction price, the highest in recent years, highlighting the continuous support of policies for the electric vehicle market.

From the perspective of vehicle models:

The Nissan Leaf remains at the top of the affordable price list at $32581.

Acura ZDX, Ford Mustang Mach-E, Hyundai IONIQ 6, Kia EV6, Nissan Ariya, Toyota BZ4X, Volkswagen ID.4, and others have all been priced below $40000 through subsidies.

The Chevrolet Equinox EV maintains a pricing of less than $40000 even without subsidies, becoming a typical representative of the affordable pure electric market.

The emergence of these products indicates that the popularization of electric vehicles is becoming the core of market competition.

The second-hand electric vehicle market is performing steadily.

In May, sales reached 36609 vehicles, a month on month increase of 1.1%, and a year-on-year increase of 32.1%. In the overall second-hand car market, the proportion has reached 2.2%.

In terms of supply days, second-hand electric vehicles only need 40 days, reaching the lowest value since June 2022, indicating a high market heat.

In terms of brand structure, Tesla remains the absolute leader, with the shortest supply cycle for its used car models, only 28 days. Old models such as Model 3, Model Y, Model S, Model X, etc. are still the most popular options.

It is worth noting that with the further maturity of the second-hand market, there may be more brands and models gradually eroding Tesla's market share in the future.

In terms of price, the average selling price of used electric vehicles in May was $36053, an increase of 0.9% compared to the previous month. As the sales champion, Model 3 has an average price of $23160, slightly lower than last month.

This price range has approached the psychological expectations of ordinary consumers and is expected to drive more first-time electric vehicle users to enter the second-hand market.

The current pricing logic is no longer solely determined by the brand, and factors such as range, vehicle condition, warranty, and usage cost are becoming the core factors affecting the value of used electric vehicles.

As mainstream consumers gradually understand the actual usage characteristics of electric vehicles, "rational purchasing" and "residual value management" have begun to dominate consumer decisions.

summarize

From the May 2025 US market data, it can be seen that the new energy vehicle market is shifting from "electrification idealism" to "practicality".

Hybrid models have grown rapidly with their balanced performance, and traditional car companies have returned to the main stage; Although pure electric vehicles still have market size advantages, their growth is slowing down and they face practical challenges.