Hybrids Won the Quarter: What Q3 2026 Sales Say About Prices, Waits and Deals

The third-quarter sales reports point one way: the brands with the most hybrids on their lots grew, and the ones leaning on EVs took the hits. Hyundai had its best third quarter ever, Kia had the best quarter of any kind in its history, and American Honda posted its strongest third quarter since 2019. Toyota Motor North America edged up even with the RAV4 in short supply. General Motors stayed the country's top seller but fell 5.5% as its EV sales collapsed.

For shoppers, that split matters more than the rankings. The most wanted hybrids are still hard to find, a problem we track in our RAV4 shortage explainer, while EVs are where sales are falling fastest. Ford, the missing piece, reports on Friday.

The quarter in numbers

• Toyota Motor North America (Toyota and Lexus): 633,223, up 0.6%. The Toyota division sold 540,167 (up 0.5%), Lexus 93,056 (up 1.6%).
• General Motors: 670,974, down 5.5%, according to Reuters.
• American Honda (Honda and Acura): 392,341, up 9.3%.
• Stellantis: 324,277, roughly flat with a year ago.
• Hyundai (brand only, without Genesis): 246,896, up 3%.
• Kia: 236,659, up 8%.
• Nissan Group (Nissan and Infiniti): 226,474, up 1.4%. Retail sales, which exclude fleet, rose 7.8%.
• Mitsubishi: 18,543, down 5.6% after the Mirage was discontinued.
• Subaru reported September only: 52,056, up 13.2% (best-ever September for the Forester).

The market overall was close to flat: J.D. Power and GlobalData forecast about 4.09 million sales, down 0.5%.

Why hybrids carried the quarter

Toyota Motor North America sold 363,367 electrified vehicles in the quarter, up 28.5%, or 57.4% of its volume, according to its third-quarter sales release. Most of those are hybrids: the Camry is now hybrid-only, and the RAV4 comes only as a hybrid or plug-in hybrid.

Honda set a third-quarter record with more than 106,000 hybrids, per its quarterly report. Hybrids made up 53% of CR-V sales and 44% of Accord sales. Hyundai's hybrid sales rose 35% in the quarter and reached 28% of its September volume. Kia's hybrid sales jumped 152% in September, led by the new Telluride Hybrid, and that helped deliver Kia's record quarter.

Fuel prices help explain it. Regular gas averaged $4.43 a gallon in September, according to AAA figures cited by Reuters, compared with $3.20 a year earlier. J.D. Power's September forecast put hybrids at a 17.0% share, up 3.5 percentage points from a year ago.

Not every hybrid is winning, though. Sales of the Prius hybrid are down 51.1% through September. Shoppers are picking hybrid crossovers and the Camry instead, whose sales are up 11.2% for the year.

What it means if you want a hybrid

Expect thin dealer lots. Honda said inventory of its key models was running at just 16 to 17 days of supply. The CR-V still set a third-quarter record of 110,730 sales on 17 days of supply.

The RAV4 is the clearest case. Toyota sold 34,192 RAV4s in September, down 6.6%, and 253,664 through nine months, down 29.2%. All but six of September's RAV4s were hybrids or plug-in hybrids. Toyota described its inventory heading into the fourth quarter as "disciplined." For buyers, that usually means little room to negotiate on the models people are waiting for.

Our CR-V Hybrid vs. RAV4 Hybrid comparison covers the most direct swap, but the CR-V is just as tight. Hyundai's Tucson, which offers a hybrid, was up 23% in the quarter. Nissan says the 2027 Rogue Hybrid reaches dealers in November, adding one more option in the segment.

Where buyers have leverage: EVs

EVs are the opposite story. GM's EV sales fell 62% from a year earlier, according to Reuters. Quartz reported that the Chevrolet Equinox EV fell 92.4% and the Blazer EV 84.4%. Hyundai's Ioniq 5 dropped 53% in the quarter to 10,382, and the Ioniq 6 sold 107 units. Kia's three EVs combined for 3,304 sales in September, down 37%.

The comparison is skewed. September 2025 was the last month buyers could claim the $7,500 federal EV tax credit, and many rushed to buy before it ended. Our explainer on what changed in the year since the EV tax credit ended covers prices and leases. Not every EV is slumping: Toyota's bZ more than doubled to 24,944 sales through September.

When sales fall this hard and the cars are already built, that is usually where dealers have room to deal. J.D. Power projected average incentive spending of $3,574 per vehicle in September, up 7.3% from a year ago.

Trucks: Ram is back

Ram 1500 sales rose 73% in the quarter, and the Ram brand was up 29%, according to Stellantis. Toyota's Tundra rose 13.3% in September. How the two biggest truck sellers did is less clear: GM's pickup results weren't in the figures we could verify, and Ford hasn't reported. For the core choice, see how the F-150 and Silverado 1500 compare on price.

Prices and payments

J.D. Power's September forecast put the average transaction price at $45,915, up 0.7%. The average monthly payment was projected at $821, the highest ever for a September, even with the average interest rate at 6.66%, the lowest September reading since 2022. Loans of 84 months or longer made up 13.9% of financing, and 29.4% of trade-ins carried negative equity.

What we don't know yet

• Ford. It reports on Friday. Cox Automotive forecast 504,172 sales for Ford and 511,421 for Hyundai Motor Group, which would put the Korean group ahead for the first time. Hyundai and Kia alone total 483,555; Genesis hasn't reported.
• The Detroit Three's share. Cox forecast it would fall to just over 36%, the lowest on record. That can't be confirmed until Ford reports.
• Total EV sales. Cox's quarterly EV count is expected later in October. J.D. Power's forecast put EVs at 7.9% of September sales.
• Inventory by brand. Honda is the only automaker here that gave a days' supply figure.

If you're shopping this fall

• For a RAV4, CR-V, or other popular hybrid, ask dealers about incoming allocation and compare out-the-door prices in writing.
• For an EV, ask about current incentives and compare lease and purchase offers.
• Check what you owe on your trade-in, and be wary of stretching to an 84-month loan to hit a payment.