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New entries including the Chevrolet Bolt EUV, the Ford Mustang Mach-E, and Volkswagen’s ID.4 helped drive down average EV prices.
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But sales are declining as car shoppers face limited inventory, high prices and historically low incentives.
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Tight new-vehicle supply puts upward pressure on new-vehicle transaction prices. Affordability hits 10-year low in July.
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As August opened, inventories were running 53% below 2020 levels and 68% below 2019 levels.
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The Bolt EV saw a 335% sales increase in July to its highest volume ever in a second quarter at 10,857 units.
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The manufacturer of Chrysler, Dodge, RAM, Jeep and Fiat recorded a sales increase of 32% in the quarter but it's not back to pre-pandemic levels yet.
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The automaker signals its commitment to mass-market electric vehicles by making its EV compact more affordable while adding new features.
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For the first time in a decade, vehicle buyers were essentially paying sticker price (MSRP) for new vehicles.
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Key reasons: Prices paid moved higher, incentives declined, and estimated median incomes fell.
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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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