• Financial Survival Network
  • Posts
  • Tesla Price Cuts, Followed by Other Automakers, Plus Surging Incentives, Hit Average Transaction Prices, After Toxic Spike

Tesla Price Cuts, Followed by Other Automakers, Plus Surging Incentives, Hit Average Transaction Prices, After Toxic Spike

September 13, 2023

by Wolf Richter Wolf Street

Detroit automakers hugely overstocked, ready for a strike.

The average transaction price (ATP) for Tesla models in the US fell by 19.5% year over year in August, according to Cox Automotive. Most EV makers had been aiming for the higher end because that’s where they thought the easy money would be. But under Tesla’s attack on prices, the higher end is ratcheting down.

The ATP for all EVs fell nearly 18% year-over-year, from over $65,000 in August last year to $53,376 this August. These are massive price drops, and they’re starting to have an impact on the overall market.