Electric vehicle (EV) transaction prices in September were lower year over year by 0.9%, according to Kelley Blue Book data released this week.

At $56,351, the average transaction price for a new electric vehicle changed little from August and was higher than the industry-wide ATP by about 16%. The premium paid for an EV in September was at its lowest point in 2024. Through the end of Q3, the EV premium averaged 19%.

In September, incentive spending for electric vehicles also tracked well above the industry average, although incentives for electric vehicles declined month over month. September EV incentives averaged $6,904, or 12.3% of ATP, a 0.7 percentage point decrease from August, the highest point of 2024.

The average transaction price for a new Tesla — the top selling EV — declined in September compared to August but was higher year over year by 13.6% at $58,212.

ATPs for Tesla’s core volume models—the Model 3 and Model Y—were lower month over month in September, while transaction prices for the new Cybertruck continued to climb. 

Cybertruck ATPs hit $116,706 in September, the highest point since launch, according to Kelley Blue Book estimates. Even with sky-high prices, more than 5,000 Cybertrucks were sold in September.

EV Sales Mark Record In Q3

Electric vehicle (EV) sales in the U.S. grew by 11% year over year in the third quarter and reached record highs for both volume and market share, according to new estimates from Kelley Blue Book.The latest counts show an estimated 346,309 EVs were sold in Q3 2024, a 5% increase from Q2. The EV share of sales in Q3 hit 8.9%, the highest level recorded and an increase from 7.8% in Q3 2023.

“While year-over-year growth has slowed, EV sales in the U.S. continue to march higher,” said Stephanie Valdez Streaty, director of industry insights at Cox Automotive, in a news release. “The growth is being fueled in part by incentives and discounts, but as more affordable EVs enter the market and infrastructure improves, we can expect even greater adoption in the coming years.”

Electric vehicle incentives and discounts were elevated in Q3, which helped fuel higher sales. In Q3, incentives averaged more than 12% of the average transaction price (ATP), much higher than the industry-wide average of about 7%.

The “leasing loophole” was also generously applied, as leasing allows all EV buyers to qualify for generous government-supported incentives. Electric vehicle prices were higher year over year in Q3 but by less than 1%.

General Motors EV sales jumped significantly in Q3, up nearly 60% to 32,095. While still a distant second to market leader Tesla, GM improved its standing in the EV race thanks to strong sales from three of its four core brands – Cadillac, Chevrolet and GMC. Hyundai Motor Group fell behind GM and into third place, with sales generally flat year over year at 29,609. Ford was fourth in sales with 23,509, and Honda and Acura contributed more than 15,000 EV sales in the quarter, thanks to two new models. A year ago, American Honda EV sales were zero.