USA: Average price of a new EV falls by $15,000 in one year

The ATP of Tesla EVs has gone down by 24.7% over the last 12 months.

According to a new report, the average transaction price (ATP) of a new electric vehicle in the USA has gone down by 22 per cent over the last 12 months.

The report states that the average prices of new EVs last year were around $65,295, which has since dropped to $50,863 last month - a significant $15,000 reduction. One of the main reasons for this is attributed to Tesla, which has aggressively reduced the MSRPs of its EVs on multiple occasions over the course of the year.

Another factor is the availability of electric vehicles, which as measured by days' supply, is well above the industry average at 97 days, compared to ICE vehicles, which saw around 52-58 days of supply. Reports also link reduced average prices of EVs to the larger variety on offer compared to last year.

Stephanie Valdez-Streaty, Director of Industry Insights, Cox Automotive, stated, "EV sales continue to grow in the US, partly due to strong supply and more choice." She further added, "At last check, we had 15 new EV models for sale that were not available a year earlier. Better choices and more options are helping push prices lower and drive higher sales."

Reports also state that, in general, the ATP of a new car in the USA has gone down by 0.7% at $47,889.

Looking at brand-wise reports, the ATP of Tesla EVs has gone down by 24.7% over the last 12 months. However, brands like Audi & Porsche have increased the prices of their models by 8% in the last year, while prices of EVs from Mercedes-Benz have become 10% more expensive.

Source: InsideEVs