EV incentives in August continue to trend well above industry averages, according to a report from Kelley Blue Book. Last month, EV incentives averaged 13.3% of ATP, higher than July and at the highest point of 2024. On average, EV incentives last month were more than 80% higher than traditional ICE product. The average transaction price for an EV in August, at $56,575, was marginally higher than the revised July ATP of $56,435 but lower year over year by more than 1.2%, suggesting the EV price declines are slowing. A year ago, in August 2023, EV ATPs were lower year over year by nearly 13%.

The average transaction price for a new Tesla declined slightly in August compared to July but was higher year over year by 10.7% at $59,138. Model Y, the best-selling EV in America, had an ATP of $52,482 in August, which was lower than August 2023 but higher month over month for the sixth month in a row.

Cybertruck ATPs increased month over month in August as well, increasing for the third straight month and reaching a new high of $112,241. With sales estimated at 4,784 last month, Cybertruck continues to hold the crown as the market’s best-selling product priced over $100,000.