EV prices are trending slightly higher in June because of Tesla Cybertruck sales, reports Kelley Blue Book.
In June, the average price for a new EV was $56,371, an increase of 0.9% compared to May. However, June EV prices were lower by 2.5% year-over-year. (For context, the average transaction price for a new vehicle in the US overall was $48,644.)
Average transaction prices (ATPs) fell to $53,235 in March, and they’ve been trending higher ever since.
New EV prices have been trending higher since the spring when transaction prices fell to $53,235 in March. Higher prices for EVs are largely being driven by Tesla, which has seen prices increase 13% since January.
While Model Y and Model 3 prices held relatively steady month-over-month in June – although both have increased significantly since January – the new Cybertruck is likely a big reason Tesla ATPs have increased.
In June, the Cybertruck was the best-selling vehicle priced over $100,000. Its average transaction price was $112,696, with more than 3,200 units sold.
As for EV sales, Q2 saw higher sales compared to Q1, and were higher year-over-year by more than 11%.
In fact, Q2 was a record quarter for US EV sales volume, with 330,000 sold. Total EV sales last quarter were higher than Q1 sales by 23%.
Electrek’s Take
A common complaint about EVs is that they’re too expensive for the average American. However, Kelley’s ATP data, which is sales-weighted, surfaced a revealing fact about gas car sales and American car buyers’ behavior.
Kelly reports that the best-selling vehicle in the US continues to be a full-size Ford pickup. In June, the Ford F-Series ATP was $67,443, up 30%(!) from five years ago. More than 65,000 full-size Fords were sold in June.
High-volume, full-size pickup trucks from Chevrolet, GMC, and Ram – all among the top 10 best-sellers in the US – are driving average prices higher.
Top comment by Steven Maifert
We should switch from average price to median price. The price of the high end EVs tends to skew the average price higher and gives a somewhat false impression of EV prices overall.
So that makes the Ford F-series ATP $11,072 higher than the average price of an EV. It’s not an apples-to-apples comparison, but it demonstrates that many people are willing to pay top dollar for gas pickup trucks. Tuck that fact away in your brain to share when someone complains about EV prices.
Read more: Cybertruck sales in May boosted Tesla’s 2024 ATPs by more than 10%
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