Unlike Tesla, industry-wide EV prices in May were lower year over year by 4.1%. - Photo: Martin Romjue / Bobit

Unlike Tesla, industry-wide EV prices in May were lower year over year by 4.1%.

Photo: Martin Romjue / Bobit

Tesla prices, which bottomed out in late 2023, are estimated to have increased by 3.1% month over month to $57,369 in May following a gain in April, according to estimates by Kelley Blue Book released June 11.

Prices were higher year over year by 1.5%. Since January, when Tesla ATPs stood at $51,892, the EV maker’s average transaction price has increased by more than 10%, lifted in some part by growing Cybertruck sales — an estimated 3,000 were sold in May. Average transaction price: $108,667.

As Tesla is a bellwether for the overall EV market — with a nearly 50% share of total EV sales — overall EV transaction prices also increased in May. The average price paid for an electric vehicle in May was $56,648, which is 2.6% higher than in April.

Unlike Tesla, industry-wide EV prices in May were lower year over year by 4.1%. EV incentives continue to run much higher than the overall market. In May, the average incentive package for an electric vehicle was 12.4% of the ATP, up from April and 5.7 percentage points higher than the industry average.

Overall, new EV prices peaked in the summer of 2022, during the last gas price surge, and have since generally declined. This year, EV prices have been volatile on a month-to-month basis and fell to a low in March before increasing again in April and May. EV ATPs in May were about 17% higher than the industry average ATPs. One year ago, the EV premium was 21%.

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