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U.S. EV Prices Drop Significantly, Led by Tesla

Despite lower prices, electric vehicles remain more expensive than non-luxury cars, and tax burdens could affect some owners.

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Overview

  • Average transaction price for new EVs in the U.S. dropped to $52,314 in February, marking a 12.8% decrease year-over-year.
  • Tesla's Model 3 and Model Y led the price decline, with the Model Y reaching its lowest recorded price.
  • Despite the price drop, EVs remain about 19% more expensive than mainstream non-luxury vehicles.
  • Some EV owners may face higher annual taxes and fees, especially those relying on public charging stations.
  • Efforts to restructure EV taxes and fees are seen as crucial for promoting wider EV adoption.