Who says electric vehicles are too expensive? New data shows EV prices are nearly the same as gas-powered vehicles. The gap has closed significantly in recent months with new discounts and competition.
EV prices are closing in on gas-powered vehicles
According to Cox Automotive, the average transaction price for an EV was $50,798 at the end of 2023.
Compared to the average gas-powered vehicle at $48,759, EV prices are within $2,040 of closing the gap. Tesla led the way after slashing prices all year.
Tesla’s Model Y and 3 hit their lowest prices ever in October. A new RWD Model Y, starting at $43,990, brought the average down even further as Tesla’s cheapest electric SUV in the US. The Dual Motor AWD and Long Range versions are $48,990 and $52,490, respectively.
With an average transaction price of $50,051, Tesla is slightly below the industry average and within $1,300 of the average gas-powered vehicle.
Tesla delivered over 484,000 vehicles during the last three months of 2023 to hit its goal of handing over 1.8 million EVs last year.
(Source: Tesla)
The EV leader is facing more competition, with automakers like Hyundai and Volvo launching competitive electric models. Hyundai sold nearly 47,000 IONIQ 5 and IONIQ 6 models last year.
Hyundai’s IONIQ 5, starting at $42,985, is one of the most complete electric SUV packages available. With up to 303 miles range and fast charging (10% to 80%) in as little as 18 minutes, the IONIQ 5 is gaining ground.
Average EV transaction prices vs gas-powered vehicles (Source: Cox Automotive)
Other electric SUVs like the Ford Mustang Mach-E ($42,995), Toyota bZ4X ($42,000), and Nissan Ariya ($43,190) start below the average.
Meanwhile, new electric models, like Volvo’s EX30, starting at $35,000, will bring the average down further in 2024. With 70 new electric vehicles launching over the next two years, EV prices are expected to continue falling.
2023 Hyundai IONIQ 5 (Source: Hyundai)
EV inventory also remains above the industry average. After increasing 92% last year, EV inventory averaged 113 days’ supply at the end of 2023. ICE vehicle inventory was 69 days’ supply.
Cox Automotive says we will bid farewell to the seller’s market in 2024. The online auto platform predicts slow growth ahead for the US auto industry with lower consumer spending.
Electrek’s Take
Will 2024 be the year EV prices reach parity with gas-powered vehicles? It could be close. Then again, with EV adoption climbing, ICE vehicle prices could fall further.
Either way, the misconception that EVs are too expensive seems overblown. With new affordable models hitting the market this year and discounts expected to continue, average EV prices will likely continue falling further in 2024.
Cox Automotive data suggests that EV market share will reach 10% this year and 15% in 2025 as adoption climbs.
A fully electric Isuzu pickup truck? That’s right. The D-MAX EV is Isuzu’s first electric pickup, and it will be rolling in the next few months. After kicking off mass production, Isuzu said the new EV pickup will “match the performance of existing diesel models,” boasting high towing capacity and payload.
Isuzu’s first electric pickup is launching in 2025
Isuzu announced on Tuesday that the D-MAX EV has officially entered mass production. The company has started building left-hand drive models, which will be shipped to Europe in the third quarter of 2025.
By the end of the year, production of right-hand drive models will begin for the UK, with sales expected to start in 2026.
The electric pickup is nearly identical to Isuzu’s popular gas-powered D-MAX, but swaps the diesel powertrain for a pair of electric motors. The D-MAX EV features new e-Axles, one on the front and the other at the rear, for a full-time 4WD system.
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The dual-motor powertrain enables it to match the performance of existing diesel models, with a combined 188 hp (140 kW) and a maximum torque of 240 lb-ft (325 Nm).
It can also tow over 7,700 lbs (3,500 kg) with a maximum payload of over 2,200 lbs (1,010 kg). That’s about the same as the D-MAX diesel, which has a 3,500 kg towing capacity and a payload capacity of up to 1,200 kg.
Powered by a 66.9 kWh battery, Isuzu’s first electric pickup boasts a driving range of up to 263 km (162 miles) on the WLTP. In the city, it can have a driving range of up to 224 miles (361 km).
Isuzu D-Max EV specs
Drive System
Full-time 4×4
Battery Type
Lithium-ion
Battery Capacity
66.9 kWh
Max Output
130 kW (174 hp)
Max Torque
325 Nm
Max Speed
Over 130 km/h (+80 mph)
Max Payload
1,000 kg (+2,200 lbs)
Max Towing Capacity
3.5t (+7,700 lbs)
Isuzu D-Max EV electric pickup specs
Built for on and off-road performance, the rugged electric pickup features over 8″ (210 mm) of ground clearance with a wading depth of nearly 24″ (600 mm).
Although prices have not been announced, the D-MAX EV is expected to start slightly higher than the diesel model, which has a base price of around € 36,500 ($41,600).
Isuzu’s popular D-MAX is sold in over 100 countries, including Europe, Asia, the Middle East, and Central and South America. The electric version will arrive in Europe in the next few months, followed by the UK and other regions in 2026.
The electric D-MAX will compete with the Toyota Hilux, Ford Ranger, and other electric pickups, such as Geely’s Radar R6, BYD’s Shark, and Ford’s F-150 Lightning.
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For the first time in five years, a Tesla insider required to report Tesla stock transactions bought stocks rather than selling them.
But the transaction is so small that it makes the whole situation hilarious.
Insiders in public companies are top executives and board members who are required to report to the SEC any transaction related to the company’s stock.
For Tesla, it has become a running joke that insiders only sell, never buy the stock.
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This has been true without exception for years.
We don’t know as much about executives as Tesla has a very short top executive bench who are required to file transactions. However, when it comes to its board members, they have been selling at an impressive rate.
However, we now have confirmation that a Tesla board member is buying, rather than selling.
Joe Gebbia, the Airbnb co-founder who joined Tesla’s board in 2022, confirmed that he bought 4,000 shares in Tesla last week worth about $1 million:
Electrek’s Take
Gebbia is estimated to be worth over $7 billion. Therefore, his purchase of $1 million worth of Tesla stock would be equivalent to my buying a fractional share in Tesla.
Furthermore, the disclosure confirmed that despite being on the board for the last 3 years, Gebbia owned only 111 shares in Tesla before the transaction.
That’s quite the show of confidence in Tesla.
Thie whole situation with the board is disappointing. Tesla’s core business is melting. The company reported its worst quarter in years last week, and the stock surged 20%.
None of it makes any sense.
The board is sitting on its hands while the most powerful force accelerating the advent of electric transport is being destroyed in favor of nonsensical predictions about the potential of solving self-driving and humanoid robots.
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Venmo, long a centerpiece of PayPal‘s growth story but often criticized for its lack of monetization, is becoming a bigger contributor to the business.
PayPal said Tuesday in its first-quarter earnings release that revenue at Venmo increased 20% year-over-year in the first quarter, though the company didn’t provide a dollar figure. PayPal acquired Venmo in 2013 through the acquisition of parent company Braintree.
While it’s long been a popular consumer service for sending money to friends, Venmo’s ability to drive meaningful revenue has been a major question mark for investors, especially as competition from rivals like Zelle and Square Cash has intensified.
Venmo’s total payment volume rose 10% from a year earlier, but revenue grew twice as fast, reflecting the business opportunity. Venmo only gets revenue from specific products like Pay with Venmo at online checkout, Venmo debit cards, and instant transfers, but not from peer-to-peer payments.
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Ahead of the earnings report, Jefferies analysts noted that Venmo revenue growth appeared to be “accelerating sharply” and flagged its rising contribution to branded checkout as a key area to watch. Compass Point analysts similarly said that while competition from Zelle and Square Cash remains fierce, Venmo’s traction with debit cards and online checkout could “open up new monetization avenues” if adoption trends continue.
The company added nearly 2 million first-time PayPal and Venmo debit card users during the quarter, and total debit card payment volume across PayPal and Venmo climbed more than 60%. Meanwhile, Pay with Venmo transaction volume surged 50% year over year, and Venmo debit card monthly active users grew about 40%.
PayPal reported better-than-expected earnings for the quarter but missed on revenue. The company reaffirmed its full-year guidance, citing macroeconomic uncertainty.