When one carmaker controls over 60% of the EV market, any price changes can reverberate through the industry. In this case, Tesla’s steep price cuts combined with gaining access to federal tax credits have sent shockwaves through the industry. Let’s take a look at the first price drops from legacy automakers…
According to KBB, the average transaction price of a new electric vehicle sold in January was $58,725. That’s a 5.4% drop since December, sparked by Telsa’s massive price cuts. Most notably, the Model Y starting MSRP plummeted by five figures, from being thousands of dollars over the average EV transaction price last year to thousands under, now as low as $51,990 for the sporadically available standard range version.
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