The consistently falling prices of electric vehicles over the past year could be an encouraging and worrying sign in equal measure. Largely influenced by Tesla’s price cuts, EV prices fell sharply month-over-month and year-over-year, according to Cox Automotive's latest data.
In July 2023, the average price Americans paid for a new EV was $53,633. In August 2023, the price fell by $257 to $53,376. That's a remarkable 18.7 percent lower than the average transaction price of $65,688 in August 2022. The effective prices could be even lower after factoring in federal and state incentives.
Franchised auto dealers have a diminishing outlook for EV sales in the short term, Cox Automotive’s chief economist Jonathan Smoke said. The dealers are reportedly feeling pressure from oversupply concerns rather than the lack of demand.

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EV Prices Begin To Fall As Demand Plummets

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