EVs were still $5,000 more expensive on average than the industry ATP, though, so there's still work to be done to make battery-powered cars more affordable.
The average price of new electric cars continued to decrease in February, thanks in no small part to Tesla, according to data from Cox Automotive. Last month, the average transaction price for a new EV in the United States was $52,314, a decrease of 4.6% from January’s $54,863 ATP. Compared to February of last year, the average price of new EVs went down by 12.8%, accelerating the decline seen in January, when prices were lower year over year by 11.6%, Cox Automotive shows.
With all this being said, however, EV prices still have some catching up to do when compared to the industry average. Overall, the new car average transaction price—which includes electric, hybrid, plug-in hybrid, and combustion models—went down by just 0.1% last month and reached $47,244. That’s $5,070 less than the average transaction price of EVs in the U.S., meaning that widespread adoption is still rocky due to the high entry price.
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