EV prices dropped by nearly 13% year-over-year in February, led in part by Tesla Model 3 and Model Y price drops, reports Kelley Blue Book.
According to newly revised EV transaction price data, the average price paid for an EV in February was $52,314, down from a revised $54,863 in January, according to Cox Automotive and Kelley Blue Book estimates.
EV transaction prices in February were lower year-over-year by 12.8%, an accelerating decline compared to January, when prices were lower year-over-year by 11.6%.
The market’s general EV price decline has been led in part by the Tesla Model 3 and Model Y, the two most popular EVs in the US.
Transaction prices for the Model Y last month, estimated at $49,363, were the lowest on record and were lower versus February 2023 by 16.2%.
Model 3 transaction prices last month, at $43,614, were lower…