New entries including the Chevrolet Bolt EUV, the Ford Mustang Mach-E, and Volkswagen’s ID.4 helped drive down average EV prices.
But sales are declining as car shoppers face limited inventory, high prices and historically low incentives.
Tight new-vehicle supply puts upward pressure on new-vehicle transaction prices. Affordability hits 10-year low in July.
As August opened, inventories were running 53% below 2020 levels and 68% below 2019 levels.
The automaker signals its commitment to mass-market electric vehicles by making its EV compact more affordable while adding new features.
For the first time in a decade, vehicle buyers were essentially paying sticker price (MSRP) for new vehicles.
Key reasons: Prices paid moved higher, incentives declined, and estimated median incomes fell.
Market watchers had been expecting this slowdown to come earlier in the summer, but deals could still be made. Now there just isn’t enough product available.
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