Average EV Prices Up Slightly Last Month But Still 10% Lower Than Last Year

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Despite a growth slump in Q1, Kelley Blue Book predicts 2024 to be the best year ever for EV sales, with more models and more inventory coming.

The average transaction price of new electric vehicles sold in the United States went up slightly in March compared to February, according to Kelley Blue Book. Last month, Americans paid on average $54,021 for a new EV, up from February’s $53,707 ATP. Year-over-year, new EV prices were still 9.7% lower in March, while in February prices were lower by 10.5% year-over-year.

5% quarter-over-quarter. Furthermore, in Q1 2022, EV sales were 81.2% higher year-over-year and 20.4% higher than in Q4 2021. “Electric vehicle sales in the U.S. declined during Q1 2024 – the first quarter-over-quarter downturn since Q2 2020,” said Stephanie Valdez Streaty, director of Industry Insights at Cox Automotive. “As anticipated, Tesla’s sales took a hit, influencing the overall market dynamics.

 

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