Led by Tesla, electric vehicle market prices have dropped sharply, with a drop of nearly 20%

According to the latest data from Kelley Blue Book, Tesla has reduced the price of its cars by 20% in just one year. At the same time, transaction prices in the entire electric vehicle market have generally fallen by about 18%

According to data, Tesla’s average transaction price in July was US$54,660, a decrease of only 0.8% from US$55,105 in June. However, compared with the same period last year, Tesla's average transaction price dropped from US$68,215 to US$54,660, a year-on-year decrease of 19.9%, becoming the largest decline among major automobile companies.

Honda is not only Tesla One of the car brands that has significantly reduced prices. From July 2022 to July 2023, Honda's average transaction price fell by 2.6%. Overall, the average transaction price of the electric vehicle market continued to decline by 0.4%, slightly lower than the industry average of 0.7%

According to the editor’s understanding, the price of electric vehicles overall fell by 17.9% in the past year. It dropped from $65,108 to $53,682. In its release on the data, Kelley Blue Book highlighted Tesla's efforts as a market leader, contributing to the continued decline in electric vehicle prices

The average transaction price of electric vehicles was $53,469 in July, down slightly from $53,682 in June and well below the $61,000 at the beginning of the year. In addition, incentives accounted for 6.7% of the average transaction price in July, equivalent to $3,755. Compared with June 2022, more than a year ago, the average transaction price of electric vehicles has dropped by more than 19%

Tesla implemented a large-scale price reduction strategy in early 2023. This move made The company was able to maintain a dominant position among rival manufacturers such as Ford. According to Rebecca Rydzewski, research manager at Cox Automotive: “Tesla’s steep price cuts on its popular models are largely responsible for the year-over-year decline in EV prices. Tesla’s prices are down nearly 20% from a year ago, while other Electric models, such as the Ford F-150 Lightning, are not far behind. While automakers may be reporting losses in the EV space, they are still aggressively pursuing EV growth strategies."

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