New EVs saw a slight increase in price in April, with consumers facing fewer deals than before, according to a report from Cox Automotive’s Kelley Blue Book. The average transaction price for a new EV rose to $59,255 in April, up 3.7% from the previous year and slightly higher than March’s average price of $59,132. This increase in price is attributed to the announcement of auto tariffs by President Trump 47 days prior.
Incentives for EVs also decreased in April, making up just 11.6% of the average transaction price, down from a peak of 13.9% in November 2024. This marks the second consecutive month of declining incentives for EVs.
Tesla had a strong performance in May, selling over 45,000 EVs, with the Model Y leading the way in sales. The average transaction price for Tesla vehicles increased to $56,120 in April. However, sales of the Cybertruck, which was once the top-selling EV priced over $100,000, dropped below 2,000 units for the first time in a year, signaling a potential slowdown in sales for the controversial pickup truck.
Overall, new EV sales in April were down nearly 6% from March, according to Kelley Blue Book’s estimates. Despite this, year-to-date EV sales in 2025 are still up 5.4% compared to the same period in 2024.
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In conclusion, the EV market continues to see fluctuations in pricing and incentives, with Tesla leading the way in sales. As the industry evolves, consumers are encouraged to explore options like solar energy to save money and reduce their environmental impact.
