Average EV Price $14K Cheaper Than A Year Ago In US: Report
Portfolio Pulse from Benzinga Neuro
The average cost of an electric vehicle (EV) in the U.S. has dropped by $14,000 compared to last year, according to a report by Kelley Blue Book. The report reveals that the average transaction price for an EV in September was $50,683, a decrease from over $65,000 a year ago. This price reduction aligns with ongoing price cuts by Tesla Inc. (NASDAQ:TSLA). The availability of more affordable models and the $7,500 federal tax credit have led to a nearly 50% increase in EV sales in Q3 2023 compared to the same period the previous year.
October 13, 2023 | 3:00 am
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Tesla's ongoing price cuts have influenced the broader EV market, contributing to a decrease in the average cost of EVs in the U.S. and a nearly 50% increase in EV sales in Q3 2023.
The report indicates that Tesla's pricing strategy has had a significant impact on the broader EV market. As Tesla continues to lower its prices, it makes EVs more accessible to consumers, which has led to an increase in sales. This could potentially boost Tesla's market share and profitability in the short term.
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