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According to a report by iSeeCars, which analyzed more than 1.8 million one-to-5-year-old used car sales in February 2022 and 2023, prices on used vehicles are 8.7% lower than a year ago.
In the firm’s June 2023 report, the data shows that used EV prices have fallen by nearly 30% year over year, with price drops actually accelerating from 8.8% in January to 16.8% in March and to ...
As Kelley Blue Book reported back in October, price cuts by Tesla in 2023 drove the EV market down more than 22% year-over-year in Sep. 2023, from $65,295 to $50,683.
Pricing on the Model S hatchback drops by around $5000, and the Model X SUV now costs roughly $10,000 less than before.
Tesla’s price cuts and incentives like the federal EV tax credits seem to be ... A Tesla Model Y is seen on a Tesla car lot on May 31, 2023, in Austin, Texas. ... The drop in inventory had hit ...
2023 Tesla Model 3 “Over the past couple of years, the supply of EVs has generally outstripped demand, causing many manufacturers to lower their prices,” Tunnacliffe said.
Cutting prices from 6% all the way to nearly 20% is cutting deep into Tesla’s profit margins, which prior to these cuts was the envy of the automotive world (Tesla’s automotive gross margin ...
EVs are hot in California. California is crucial for Tesla’s business since the EV share of the state's new car market at 21.4% is nearly three times the U.S. average of 7.5% in 2023.