Electric vehicle prices have come down significantly, with the top five most affordable EVs in Q1 all selling for under $41,000. Two Nissan EVs topped the list, while Hyundai, Tesla, and Toyota electric models rounded out the top five.
Nissan, Hyundai, and Tesla top most affordable EVs in Q1
According to Cox Automotive data, electric vehicle discounts reached nearly $6,000 in the first quarter. Average EV prices fell 9% in the first three months of 2024 and 3.8% from Q4 2023.
“Notably, lower EV prices have supported EV sales volume in the US, particularly for key Tesla models,” Stephanie Valdez Streaty, director of Industry Insights at Cox Automotive, explained.
Incentives on the Tesla Model 3 were 8.2% of ATP, or $3,778. As a result, Tesla’s Model 3 was among the most affordable EVs in the US in Q1.
Two Nissan models topped the list. Including discounts, the Nissan LEAF was the cheapest, selling for $27,956. That’s about 19% off from its average transaction price of $34,706.
Nissan’s electric SUV, the Ariya, was second, selling for $35,556, or 31% off its average transaction price ($51,438). Nissan Ariya sales surged 44.8% in Q1, with 4,142 units sold.
2024 Hyundai IONIQ 6 Limited (Source: Hyundai)
The Hyundai IONIQ 6 placed third, selling for an average of $40,547. With massive discounts introduced during the quarter, the IONIQ 6 sold for 22% off its average transaction price of $46,917.
Tesla Model 3 was fourth, selling for an average of $40,547, about 7% off its average selling price.
Place
Most affordable EVs in Q1 2024
Average selling price with discounts
% off average transaction price
1
Nissan LEAF
$27,956
19%
2
Nissan Ariya
$35,556
31%
3
Hyundai IONIQ 6
$36,506
22%
4
Tesla Model 3
$40,547
7%
5
Toyota bZ4X
$40,646
15%
Top five most affordable EVs in Q1 2024 (Source: Cox Automotive)
Rounding out the top five most affordable EVs in Q1 was Toyota’s bZ4X, which sold for an average of $40,547. Like others on the list, Toyota has slashed prices on its sole EV to stay competitive.
New Tesla Model 3 (Courtesy of Tesla, Inc.)
And these are not the only automakers cutting prices with big savings opportunities. Ford lowered Mach-E prices by up to $8,100 in March. It also opened orders for the 2024 F-150 Lightning with up to $5,500 in savings on select trims.
Volkswagen is offering a massive $13,000 discount on the 2023 ID.4 AWD Pro S. Hyundai’s IONIQ 5 and Kona EV are also on sale with new incentives.
2024 Toyota bZ4X (Source: Toyota)
BMW is offering new rebates with up to $7,500 off 2024 EV models. Meanwhile, the Kia EV9 and several Genesis EVs recently gained a new $7,500 discount offer.
If you’re in the market for a new electric vehicle, now may be the best time to start shopping. You can use our links below to find deals on some of the most affordable EVs available.
With the launch of the first-ever Class 8 vocational EV in the North American market, PACCAR Kenworth is raising the battery-electric bar and underscoring just how far the market has come since the Tesla Semi made its debut nearly a decade ago.
When Tesla pulled the wraps off its all electric Semi truck all the way back in November of 2017, the rest of the industry was hardly thinking about BEVs. Nearly a decade later, the world is still waiting for the Semi to begin regular production, and PACCAR is launching its second generation of HDEVs with the debut of this, the all-new Kenworth T880E vocational truck.
“The Kenworth T880E marks a groundbreaking milestone in Kenworth’s history as we bring to market the first Class 8 battery-electric solution built for vocational applications,” explains Kevin Haygood, Kenworth assistant general manager for sales and marketing. “The T880E is engineered to meet the evolving needs of operators and vocational fleets while still providing the durability, reliability and customization our customers expect.”
The new electric K-whopper is motivated by PACCAR’s in-house ePowertrain platform, capable of putting up to 605 hp and 1,850 lb-ft of peak torque to work, while delivering the same levels of drivability and dependability fleets expect from a Kenworth – but power and torque are only part of the T880E’s work-ready résumé.
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Open to work
Kenworth T880E; via PACCAR.
In addition to a stout, Class 8 electric chassis fitted with heavy-duty Kenworth brakes and axles, the T880E’s central drive eMotor allows for significant wheelbase flexibility so fleet buyers can spec out exactly the machine they need to get the job done. The T880E was also designed to enable lift axle installations from trusted Kenworth upfitters for a vocational-friendly BEV integration.
Additionally, the T880E features a wide selection of factory-installed options that include both high- and low-voltage ePTO (electric Power Take Off) ports, mechanical ePTOs, and the same wide array of body configurations as the ICE version.
Speaking of the ICE version, the electric T880E also can also be had in the same set-back front axle and set-forward front axle configurations with the same multi-piece hood construction. Inside the cab, the latest in driver-focused technology includes the Kenworth SmartWheel and a new 15″ DriverConnect digital touchscreen. Dash and vocational features like RAM Mounts and factory-installed PTO switches are available. The T880E is also offered with Kenworth ADAS packages for customers interested in DigitalVision Mirrors, Bendix Fusion, and Lane Keeping Assist.
It’s so big, you guys
Kenworth T880E; photo by the author.
The T880E was on static display at last week’s ACT Expo in Anaheim, California. Check with your local Kenworth dealer for availability.
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The tire-blistering SU7 Ultra has been the Xiaomi brand’s flagship super sedan since its launch, but a controversial software setting has limited the car to “just” 900 hp in regular driving – resulting in an outcry from owners who ponied up for the big boy numbers. With its latest software update, that missing 648 hp is back on tap!
The SU7 Ultra made waves throughout the performance car world when a bright yellow striped example lined up alongside a white quarter mile king, the 1,000+ hp Tesla Model S Plaid, and promptly smoked it.
That wasn’t all. A preproduction SU7 Ultra prototype lapped the legendary Nürburgring circuit in just 6 minutes and 46.874 seconds, firmly stamping the 1,500+ hp Xiaomi’s alphanumeric into the track’s record books with a time nearly fifteen seconds quicker than a Rimac Nevera or, on the ICE front, either a Corvette ZR1, Viper ACR, or Porsche 918 (take your pick).
It’s hardly any wonder, then, that the customers who signed up – in droves, too – were disappointed to learn that the SU7 they were allowed to buy had been neutered by the safety nannies to the tune of nearly 650 hp. (!)
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We’re so back
The outrage from SU7 Ultra owners was immediate. And, facing mounting pressure online and on social media, Xiaomi ultimately decided to withdraw the performance-limiting features while acknowledging the need for more transparent communication about future software updates they messed up, saying in a statement, “we appreciate the passionate feedback from our community and will ensure better transparency moving forward.”
So, rich people can rocket themselves down the road in 9 second hypercars again and all is right with the world. A happy ending – but one that sort of illuminates a fresh set challenges for automakers peddling “software-defined vehicles” to a market that still thinks of their cars as very much hardware defined products.
The new reality is playing out in real time now, and the Jeff Bezos-backed $20,000 electric compact pickup from Slate Auto is going the other way entirely – time will tell whether more, or less tech is the answer.
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Tesla (TSLA) has started offering reduced interest rates on the new Model Y in the US — this equates to a direct discount on the brand new vehicle that was supposed to spark Tesla’s demand back.
The automaker has announced “1.99% APR or $0 Due at Signing available for well-qualified buyers” on the new Model Y in the US for the first time:
This amounts to a direct discount worth a few thousand dollars. It is the first widely available discount on the new Model Y coming just weeks after the cheaper non-Launch Edition launched in the US.
These discounts and subsidized financing point to soft demand for the updated best-selling vehicle in the US. Tesla just delivered a disastrous first quarter, which it mostly blamed on the Model Y changeover, resulting in lower inventory.
However, industry watchers, including Electrek, noted many signs that the Model Y changeover was not the only issue. Tesla added significantly to its inventory in the first quarter, and the wait times for the new Model Y were extremely short.
Now, the discount weeks after launching the new Model Y confirm the soft demand in the US.
I think it’s clear by now: the new Model Y is not coming to save Tesla.
Let’s be honest: It will still be a significant vehicle program by volume. It just won’t help Tesla return to growth this year.
The RWD Model Y is still coming and has a chance to help in the US. It is already available in China, and it’s not helping Tesla much there, but that’s in a hyper-competitive market, especially at lower prices where the RWD Model Y operates.
Tesla’s performance in Q2 in China will be interesting since it is basically back to its regular lineup for the whole quarter.
The US appears to have been Tesla’s least affected market, but Q3 will be the real test with the full lineup and no backlog of demand for new Model Y.
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