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Rising interest rates are taking some potential buyers out of the market.
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EV sales jumped by 68% year over year in Q, and for the first time, EV sales in the U.S. nearly equaled hybrid sales.
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The only EVs eligible for the tax credit are those assembled in North America. Another condition requires batteries be built with rare earth metals that are extracted or processed in a country where the U.S. has a free trade agreement.
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The typical monthly payment hits a record of $712.
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The average price paid for a new vehicle in the U.S. last month was the second-highest on record, behind only December 2021, when average transaction prices reached $47,202.
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Electric vehicles and hybrids are becoming a coveted commodity as consumers turn practical about operating costs.
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The Ford F-150 Lightning, which just started deliveries to customers in March and is sold out, was the third most-shopped EV and the seventh overall among electrified vehicles.
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The trend continues to be much worse now than a year ago when prices were notably lower and incentives were higher.
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Shopper interest in electric vehicles has increased to 66% since January, when gas prices started to rise.
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ActivEngage managed messaging and customer engagement products are available through Cox Automotive Digital Retailing brands, including Dealer.com, Autotrader, Kelley Blue Book, and VinSolutions.
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