US first-quarter auto sales grew nearly 5% despite high interest rates, but EV growth slows further

By TOM KRISHER
AP Auto Writer

DETROIT (AP) — New vehicle sales in the U.S. rose nearly 5% from January through March, as buyers stayed in the market despite high interest rates. But electric vehicle sales growth slowed to 2.7% during the quarter, with mainstream buyers wary of limited range and a lack of charging stations. Automakers sold nearly 3.8 million vehicles in the first quarter versus a year ago. With inventory on dealer lots growing toward pre-pandemic levels, auto companies were forced to reduce prices. J.D. Power said the average sales price in March was $44,186, down 3.6% from a year ago.