- The common transaction value (ATP) of a brand new EV hit a whopping $55,544 in December 2024.
- This quantity was largely inflated by the growing variety of EV pickups and luxurious EV gross sales.
- Tesla Cybertruck propped up Tesla’s ATP by round 10.5%.
One other yr, one other hike within the Common Transaction Worth (ATP) of recent automobiles. EVs specifically noticed a year-over-year improve in ATP, hitting a whopping $55,544 in December—proving that whereas battery-electric is the way forward for mobility, most nameplates are nonetheless parked within the luxurious lane.
A brand new report from Kelly Blue Ebook highlights an uptick within the ATP for EVs, each year-over-year and month-over-month. Transaction costs in December had been up 0.8% from 2023 and 1.1% from November 2024. In case you had been questioning, no, it isn’t as a result of of us are all of a sudden keen to shell out extra cash for larger trims. As a substitute, extra individuals are wanting in the direction of luxurious fashions and high-dollar battery-powered pickups.
Photograph by: InsideEVs
Full-size EV pickups had been a blockbuster for automakers in 2024. The Ford F-150 Lightning, for instance, bought 33,510 models in 2024—up practically 37% year-over-year in December alone. Gross sales quantity alone helped to push ATPs throughout the board to an all-time excessive. In reality, gross sales of automobiles over $80,000 had been up 37% year-over-year and EVs made up a very good chunk of that pie.
The Tesla Cybertruck was a headline act when it got here to propping up the ATP for Tesla. Traditionally, this has been the job of automobiles just like the Mannequin S and Mannequin X, each of which have been on the tip of the Tesla pricing pyramid since their inception. However as costs fell on Tesla’s getting older lineup, the shiny new truck lured consumers into shelling out practically six figures for the now-discontinued, $99,990 Basis Sequence All-Wheel Drive in October. The launch version of the Cyberbeast was much more costly, although each fashions now begin at round $80,000 and $100,000, respectively. The Cybertruck’s larger than common base value helped to push up the ATP of Tesla automobiles by 10.5%.
EVs apart, the ATP for the complete business has hit an all-time-high of $49,740. Which means that, on common, the ATP for an EV is 11.7% larger than different powertrains. Pickup vans throughout the business additionally helped to inflate that quantity, with the typical mannequin promoting for $64,261.
However this is the kicker: EVs are driving business averages up, however they nonetheless depend on larger than common reductions with a purpose to transfer quantity. December marked the sixth consecutive month the place incentives on EV gross sales exceeded 12% of the automobile’s ATP. On common, 2024’s incentives equaled out to about $6,700 per automobile, which is a rise of 41% year-over-year. Consider it because the EV equal of dangling a carrot—and, sure, consumers are biting.
Now, certain, we’re seeing record-breaking gross sales right here. The U.S. moved 1.3 million EVs in 2024, which is a brand new report in each quantity and market share. However it did so with sky-high costs and heavy incentives. The query stays: When will EVs attain parity with combustion automobiles?
With federal subsidies just like the EV tax credit score on the chopping block, going electrical might quickly be a harder promote, particularly because the ATP for EVs stays larger. Automakers might want to discover a approach to make EVs extra interesting to justify the upper price ticket within the short-term. For now, the trick appears to be advertising and marketing in the direction of extra upscale consumers (like those that purchase vans) and the luxurious market—each of which assist to prop up the ATP. And whereas these kinds of automobiles may seize your consideration on the highway, many are nonetheless a far attain for the typical automobile purchaser.
