The electric vehicle market looked like a grab bag of trends as industry pressures and market dynamics shift.
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April figures show an electric vehicle market facing several challenges that reflect broader economic trends.
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The tightening of days' supply for new and used electric vehicle markets shows healthy consumer interest.
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Used EV sales rose a whopping 63% so far year over year, while new EV sales increased about 14%.
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Electric vehicle sales also mark another record in Q3, thanks to higher incentives and more choices.
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Overall, new EV prices peaked in the summer of 2022, during the last gas price surge, and have since generally declined.
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While some high-profile and popular electric vehicles posted sizable year-over-year price cuts in April, most EVs today are transacting for prices lower than one year ago by about 4-to-5%.
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EV transaction prices in February were lower year over year by 12.8%, an accelerating decline compared to January when prices were lower year over year by 11.6%.
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Nissan’s flagship electric crossover will also benefit from a wider array of electric vehicle charging accesses.
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Tesla price cuts that shook up the market and challenged the profitability picture for all automakers.
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