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New EV sales were strong in November, with early estimates pointing to the second-best month ever in the US, just behind August 2024, according to Kelley Blue Book. Like the new vehicle market at large, generous incentives are driving the momentum.
The average transaction price (ATP) for a new EV in November was $55,105. That’s down 1.8% from October’s revised figure and 3.8% lower compared to November 2023.
Tesla’s ATP in November was $54,610, down 3.7% from October ($56,705) and up 4.3% year-over-year, when it was $52,375.
Incentives for EV buyers also climbed in November, hitting 14.9% of the ATP – the highest since the pandemic. That’s up slightly from October’s 14.6% and works out to more than $8,200 per vehicle, including point-of-sale government-backed incentives when applicable.
The takeaway? Lower prices and bigger incentives are making EVs more accessible, fueling strong demand in the US market.
“We have said consistently that 2024 will be the ‘Year of More’ for electric vehicles,” said Cox Automotive executive analyst Erin Keating. “There are certainly more incentives being offered. EVs right now are the best deals in the market.”
Electrek’s Take
Inventory of new cars is back at pre-pandemic levels – car lots are full – and consumers are buying them.
Trump has made it clear that he intends to cancel the the $7,500 federal tax credit, which would make the shift to electric pricier going forward. I anticipate robust December new EV sales and lease numbers as buyers scramble to secure that federal up-front tax credit.
Read more: Cybertruck reached its highest-ever average transaction price in September
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