EVs got a little more affordable in May, and Tesla’s price drop had a lot to do with that. According to new data from Kelley Blue Book, the average transaction price (ATP) for a new EV in May was $57,734. That’s down from $59,123 in April. Year-over-year, that’s a 1.1% drop.
At the same time, incentives are heating up. The average EV incentive in May hit $8,225, or 14.2% of the ATP. That’s more than double the average incentive across the broader auto industry and higher than last May’s 12%. According to Cox Automotive, that makes May the most incentive-heavy month since what Cox Automotive calls the beginning of the modern EV era, which is when EVs passed the 1% market share mark, in 2018.
Tesla’s prices played a big role in this shift. The company’s ATPs dropped 1.5% in May, landing at $55,277. Year-over-year, Tesla prices are down 2.8%.
The Model 3 and the Cybertruck inched up in price in May, but just barely – less than 1%. Every other Tesla model saw prices fall month-over-month. The Model Y, Tesla’s top seller and the most popular EV in the US, dropped 2.9% from April to an average price of $53,895.
Read more: Cybertruck sales slump as EV prices rise and incentives dry up
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