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The average price for a new electric vehicle – over $66,000, according to Kelley Blue Book estimates – remains well above the industry average and more aligned with luxury prices versus mainstream prices.
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Rising interest rates and low consumer sentiment are keeping many potential buyers out of the market while higher gas and vehicle prices are decreasing affordability.
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Q2 sales of battery electric vehicles increased to 196,788, a record high and a 13% increase from last quarter.
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The first-half total of 341,983 units marks the lowest rental fleet sales in at least 20 years — easily eclipsing the nadir of 788,349 units in H1 2011 as the industry dug out of the Great Recession.
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On a month-over-month basis, all major segments saw seasonally adjusted price declines, with pickups declining the most.
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Production will increase with an easing of the chip shortage later this year and sales will rise. Prices will stay high but likely off their records.
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Consumer EV data indicates which models are most in demand and likely to command higher values. Ford revs up with four models in the Top 10 of most-shopped electrified vehicles, including the F-150 Lightning, F-150 Hybrid, and Maverick Hybrid.
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But average transaction prices still linger above MSRP as supply holds steady at the same level since Thanksgiving and customer demand remains strong.
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Combined sales into large rental, commercial, and government buyers were down 36% year over year in January.
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Sales of pure battery-electric vehicles jumped 72% to a record 147,799, the best quarter ever for EVs.
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