After Tesla’s value cuts pulled 1 / 4 of total EV costs down in February, greater Mannequin 3 costs elevated EV costs in March.

In line with EV transaction value knowledge from Kelley Blue Guide’s March Common Transaction Worth report launched as we speak, the common value People paid for an EV in March was $54,021, up from a revised $53,707 in February.

EV costs in March had been decrease year-over-year by 9.7%, however not as little as February, which noticed a ten.5% year-over-year value drop.

Tesla Mannequin 3 transaction costs final month, at $46,169, had been decrease year-over-year by 5.6% however up 6.7% month-over-month.

Incentives on the Mannequin 3 had been 8.2% of common transaction costs (ATP), or $3,778. Tesla’s total incentives had been 11.8% of ATP in March however weren’t the very best amongst EV producers.

In March, incentives at Polestar had been 14.4% of ATP, and Lucid was 13.6%. Excessive incentives and reductions on most EV fashions proceed to play a task in decrease EV costs.

Stephanie Valdez Streaty, director of Business Insights at Kelley Blue Guide’s dad or mum firm Cox Automotive, stated:

Notably, decrease EV costs have supported EV gross sales quantity within the US, notably for key Tesla fashions.

The typical transaction value for a brand new EV decreased by 9.0% in Q1 [2024] in comparison with Q1 2023 and dropped 3.8% quarter-over-quarter.

Nevertheless, as famous in our Q1 EV gross sales report, decrease EV costs haven’t generated appreciably greater gross sales quantity up to now.

Learn extra: Tesla will increase Mannequin 3 value, now prices as a lot as Mannequin Y

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