In January, US EV prices held steady, incentive spending fell

US EV prices held steady in January, and incentive spending dropped 3.1% from December, according to the latest monthly new-vehicle average transaction price (ATP) report from Cox Automotive’s Kelley Blue Book. 

Average transaction prices for EVs in January, at $55,614, were higher by nearly 1% compared to a downwardly revised December. EV prices last month were lower year-over-year by 1.4%. Incentive spending on EVs in January decreased by 3.1% compared to December but was higher by 48.6% year-over-year.

Overall, EV costs are falling – compared to the overall auto industry, EV ATPs were higher by 14.3%. A year ago, the price premium versus the industry was 17.4%.

ATPs for market leader Tesla, at $55,380, were higher year-over-year by 4.5%. Cybertruck prices fell year-over-year by 6.5% to just under $98,000. Model X prices were also lower year-over-year.

The two most popular EVs in the US, the Model Y and Model 3, both saw transaction prices increase year-over-year by 2.2% and 6.2%, respectively.

The $7,500 tax credit is now missing from the Tesla website. What will Tesla’s February sales volume look like?

As for total new-vehicle sales volume in January, it was higher year-over-year by 5.1% but lower by more than 25% compared to a robust December. New-vehicle inventory at the beginning of January was below 3 million units for the first time since late October.

Read more: In December, EV sales were still up and incentives were still sweet – Kelley Blue Book

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