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Electric Car Prices Drop, Now More Affordable for Americans

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The average price of battery-electric vehicles in the U.S. market has fallen from $65,000 in 2022 to $56,830 in September of this year, according to Kelley Blue Book’s announcement on October 12, 2023. This is even lower than the $52,212 in August, mainly due to price reductions by manufacturers such as Tesla. The price cut by Tesla has forced other companies to lower their prices, eventually leading to a decrease in the average retail price.

Cox Automotive predicted that manufacturers will launch about 15 battery-electric vehicles in 2023. Sales are expected to increase if these vehicles receive new tax deductions due to inflation reduction measures.

They mentioned that the sales of electric vehicles in the third quarter of 2023 increased by almost 50% compared to the previous year.

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