Year over year, the average transaction price for an EV was down 8.5%, thanks in part to price pressure on EVs driven by slowing sales, healthy inventory, and more competition. - Photo: Jay Pizzle...

Year over year, the average transaction price for an EV was down 8.5%, thanks in part to price pressure on EVs driven by slowing sales, healthy inventory, and more competition.

Photo: Jay Pizzle / Pexels

Tesla, the luxury vehicle market leader, posted larger-than-average ATP increases month over month in April, with a gain of 5.7% compared to March, according to recent figures from Kelley Blue Book.

Tesla prices, which plummeted from $62,269 in January 2023 to $50,099 in December 2023, a decline of 19.5%, have been a key driver of volatile price dynamics in both the luxury market and the electric vehicle market. Tesla is the highest volume seller in both segments, No. 1 in luxury and No. 1 in EVs.

Electric vehicle transaction prices in April were essentially flat versus March – up about 0.1% – at $55,252, an increase of only $75 from the prior month. Year over year, the average transaction price for an EV was down 8.5%, thanks in part to price pressure on EVs driven by slowing sales, healthy inventory, and more competition.

Electric vehicle incentive packages remain well above the industry average, in many cases more than 15-to-20% of ATP.

While some high-profile and popular EVs posted significant year-over-year price reductions in April – the Ford Lightning, transaction prices down 23%; the Ford Mustang Mach-e, down 15%; the Tesla Model Y, down 12%; and the Hyundai Ioniq 6, down 10% – most EVs today are transacting for prices lower than one year ago by about 4-to-5%.

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