The electric vehicle (EV) market saw a slight decrease in prices in May, with Tesla leading the charge. According to Kelley Blue Book data, the average transaction price (ATP) for a new EV in May dropped to $57,734 from $59,123 in April, marking a 1.1% decrease year-over-year.
Incentives for EVs also saw an increase, with the average incentive reaching $8,225 in May, accounting for 14.2% of the ATP. This is more than double the average incentive in the broader auto industry and higher than last year’s figures. May was noted as the most incentive-heavy month since the modern EV era began in 2018.
Tesla played a significant role in this price shift, with the company’s ATP dropping by 1.5% in May to $55,277. Year-over-year, Tesla prices are down by 2.8%. While the Model 3 and Cybertruck saw marginal price increases in May, the Model Y, Tesla’s top-selling model and the most popular EV in the US, saw a 2.9% price drop to an average of $53,895.
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In conclusion, the EV market saw a price drop in May, driven by Tesla’s price reductions. Incentives for EVs also increased, making it an opportune time for consumers to consider transitioning to electric vehicles. Additionally, exploring solar options for home resilience could provide long-term benefits in disaster-prone areas.
