EV prices are down 18% over the past year as drastic price cuts take effect
Electric vehicle prices are down 18% so far this month compared to April 2023. With most automakers launching aggressive discounts, many EVs are on fire sale right now. Some are even being offered for five-figure discounts.
Automakers are introducing aggressive EV price cuts
After slashing prices throughout last year, Tesla’s best-selling Model 3 and Model Y are still dragging down overall EV prices.
“Notably, lower EV prices have supported EV sales volumes in the US, particularly for key Tesla models,” Stephanie Valdez Streaty, director of Industry Insights at Cox Automotive, explained.
According to new data, EV prices are down 18.3% in April 2024, while non-EV prices are 13.1% lower than last year.
Seasonally adjusted prices are also down in all major market segments. Compact cars led the way (17.1%), followed by midsize (16%), pickups (15%), and SUVs (14%).
Electric vehicles led the way, with many automakers offering double-digit percentage discounts to clear inventory for new models. For example, Ford cut Mach-E prices by up to $8,100 in March.
Ford also opened orders for the 2024 F-150 Lightning this week while introducing new price cuts on the EV pickup of up to $5,500.
Volkswagen is offering $13,000 off the 2023 ID.4 AWD Pro S with a new lease deal to make room for the new 2024 model.
Hyundai slashed prices on the IONIQ 5 and IONIQ 6 earlier this year, undercutting much of the competition. Hyundai (including Kia) also has six of the top ten most fuel-efficient EVs in the US.
BMW recently introduced new rebates ranging from $5,000 to $7,500 this month on 2024 models. Nissan is offering nearly $16,000 off the Ariya electric SUV. The Mercedes EQS is $19,442 lower than its average price of $104,747.
On average, electric vehicle discounts reached nearly $6,000 in the first quarter. According to Cox Automotive data, average EV transaction prices slipped 9% compared to Q1 2023 and 3.8% from last quarter.
The data shows that the average price paid for an electric car in the US in March was $54,021, while the average transaction price for all vehicles was $47,735.
With Tesla increasing Model 3 prices, EV prices increased slightly this month. The average Model 3 price was $46,169, down 5.6% year over year but up 6.7% from last month. Overall incentives on the Model 3 were 8.2% of ATP, or $3,778.
Tesla was on the higher side, with overall incentives at 11.8% of ATP in March. However, it still trailed behind Polestar (14.4%) and Lucid (13.6%).
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On today’s battle-ready episode of Quick Charge, it’s Elon Musk vs. the world as big players position themselves for control of enough lithium to build 600 million electric cars and the rest of the industry squares up to Tesla in the battle for market leadership.
While Windrose is making sales and expanding into new markets, the Tesla Semi is still in limited tests, Robotaxi launches as a “ride hailing service” in California with randos in the drivers’ seat and Academy Award nominated actor/noted college football analyst Timothée Chalamet teams up with Lucid to steal (even more) sales from the embattled Model S and X lines.
Today’s episode is brought to you by Retrospec, the makers of sleek, powerful e-bikes and outdoor gear built for everyday adventure. Quick Charge listeners can get 10% off their next e-bike ride through August 14 with the exclusive code ELECTREK10 only at retrospec.com.
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EV charging company ezVOLTz has partnered with Driivz, the EV software arm of Vontier, to make its “Charging as a Service” platform even smarter and more reliable for fleets, businesses, and state and local governments across the US.
If you’re not familiar with ezVOLTz, it’s a full-service EV charging provider. It handles everything, from installing hardware-agnostic chargers to managing the backend with its software platform, ezCONNECT. Now, ezVOLTz is plugging into Driivz’s charging and energy management tech to help run things even more smoothly.
With Driivz’s help, ezVOLTz plans to keep its network humming with 24/7 monitoring and real-time issue detection. Driivz’s Alert Management System can auto-fix up to 80% of charger hiccups remotely without sending a tech on-site. That means more uptime and fewer headaches for drivers and site owners.
“EV adoption is surging, and drivers and the companies and entities that serve them need smart, connected, and reliable charging options,” said ezVOLTz CEO Sam Malhotra. “The Driivz team and their smart charging and energy management solutions are a natural fit in bolstering our services.”
The partnership also gives ezVOLTz new tools to grow its network. Driivz’s software tracks usage patterns and charger performance, helping pinpoint the best spots for new installations. Driivz will also support the ezVOLTz app, letting users plan road trips and find chargers nationwide.
“Reliability and ease-of-use are two of the most important considerations for EV drivers,” said Andrew Bennett, CEO of Driivz. “We’re proud to partner with ezVOLTz in delivering seamless and reliable charging to their customers.”
As more businesses, fleets, and municipalities plug into EVs, partnerships like this one aim to make sure the charging experience keeps up.
Read more: Driivz expands in the US EV charging market with a new HQ
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The Subaru BRZ may live on as an EV after all. Subaru wants its share of the sports car market, and an electric BRZ could hit the sweet spot.
Is Subaru launching an electric BRZ?
Subaru discontinued the BRZ in Europe in 2020 after the first generation. Although its twin, the Toyota GR86, was sold until the 2024 model year, the BRZ was released as a US-only model.
In its third generation, it could return as an EV. Speaking with Autocar, Subaru’s European head, David Dello Stritto, said, “Our options are open,” hinting that the BRZ could make a comeback in electric form.
Subaru’s global EV product boss, Inoue Masahiko, confirmed an electric version of the sports car “was under consideration.” He added that Subaru has extensively looked into an EV version of the BRZ with its partner, Toyota.
Masahiko explained that “We did consider electrifying the BRZ and GR86, but the win-win relationship is more important.” So far, “We can’t get the kind of benefits from both sides,” he added.
Subaru is already launching several new electric vehicles in Europe, including the new Uncharted, E-Outback (known as Trailseeker in the US), and an updated Solterra SUV.
Stritto said that an electric sports car will depend on the success of these models first, especially the Uncharted. According to Subaru’s European boss, the Japanese automaker feels “very positively about Subaru enthusiasts, but we need to see how Uncharted does first.”
As for an “electrified” powertrain, or hybrid, Masahiko said the vehicle’s packaging “would make it difficult,” adding an EV version would be “easier” to create.
The comments come after Stritto told Autocar last week that a new entry-level EV could also be in the works. However, that will also depend on how well the Uncharted sells.
For those in the US, don’t worry – Subaru is not planning to discontinue the BRZ. If it did launch as an EV, would you consider one? It would go up against the new Hyundai IONIQ 6 N and Tesla Model 3 Performance.
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