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U.S. EV Market Shows Stabilization with Slight Price Increase and Incentive Surge

Daniel Kim Views  

Tesla
Tesla

Electrek reported on Tuesday that electric vehicle (EV) prices in the U.S. market showed signs of stabilization in January.

Kelley Blue Book, a respected automotive research firm, reported that the average transaction price for EVs in January reached $55,614. This figure represents a slight uptick from December but a 1.4% decrease compared to last year. Interestingly, while EV sales incentives dipped 3.1% from December, they surged by an impressive 48.6% year over year.

Overall, the cost of EVs is showing a downward trend. Although EVs still command a 14.3% premium over the broader automotive market, this gap has narrowed significantly from 17.4% a year ago.

Tesla’s Cybertruck saw its price drop 6.5% year over year, now below $98,000, while the Model X also experienced a price reduction. On the other hand, the most popular EVs in the United States, Model Y and Model 3, recorded transaction price increases of 2.2% and 6.2%, respectively. Tesla’s average transaction price rose 4.5% from last year to $55,380.

While January’s total new vehicle sales climbed 5.1% compared to the previous year, they fell more than 25% from December’s robust performance. New vehicle inventory dipped below 3 million units in early January for the first time since late October.

Daniel Kim
content@viewusglobal.com

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