Falling EV Prices Drive Surge in Demand as Models Proliferate

Tesla has cut prices on its EVs, with the Model 3 and Model Y seeing price drops up to $15K from a year ago. This is pushing down EV prices overall.

The average transaction price for a new EV fell over 22% year-over-year according to Kelley Blue Book, from $65K to $51K.

Cheaper EVs like the Chevy Bolt have helped drive demand. With incentives, Bolt prices can be below $20K.

More EV supply and choice is also lowering prices and increasing sales. EV inventory is now above the industry average.

Fast charging network Electrify America has seen a huge surge in demand as new, cheaper EVs hit the road, with sessions up almost 4X over the past year.