EV Sales Soar
EV sales jumped in July, according to Cox Automotive. The primary reason was lower prices and higher incentives. Much of the overall price drop was because of large price cuts by Tesla.
Cox says, “In July, the ATP for a new electric vehicle (EV), according to estimates from Kelley Blue Book, was $55,689, down by 2.2% from the June ATP of $56,915.” Gas-powered cars are still about $10,000 cheaper than EVs. And, with $7,500 federal tax credit gone in the fourth quarter, the consumer may view that gulf as wider.
Tesla Drops Prices
The Tesla ATP was $52,949 last month. That is down 9.1% from the same month last year. The mix of sales was also tilted more toward Tesla’s less expensive models–the Model 3 and Model Y
Overall, July sales were the second-best for any month since it began measuring EV sales. They came in at 130,000. This would be 20% over last year. The tax incentive expiration may make September even stronger.
What should concern the industry is that buyers who might have pushed their purchases later in the year will move those purchases forward to get the credit. If so, the fourth quarter could be weak.
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