Electric vehicle (EV) sales maintained their strong momentum in December 2024, with sales incentives playing a significant role in the continued growth, according to the latest report from Cox Automotive’s Kelley Blue Book.
The average transaction price (ATP) for EVs in December reached $55,544, contributing to a slight increase in the industry-wide ATP. The December ATP for EVs saw a year-over-year increase of 0.8%, slightly below the industry average, and a month-over-month rise of 1.1%. Notably, Tesla saw an increase of 10.5% in its ATP compared to the previous year.
Incentives for EVs remained robust in December, accounting for 14.3% of the ATP, although this was a slight decrease from the 14.7% recorded in November. Despite this small dip, EV incentives remained significantly higher year-over-year, showing a 41% increase, and have consistently been above 12% of ATP for six consecutive months. The average incentive per EV sale was over $6,700 in 2024, contributing to a record 1.3 million EVs sold last year, setting a new benchmark for both volume and market share.
Kelley Blue Book’s data also indicated that around 84,000 vehicles, or 5.6% of total sales, were sold at prices exceeding $80,000 in December, marking the highest volume ever. This category includes both gas-powered and EVs, with the Tesla Cybertruck included in this segment.