The average transaction price for BEVs dropped 5% during the third quarter to $50,283, bringing the price 24% lower than at the price peak in the second quarter of 2022.
BEV prices declined across the most popular models, contributing to the rise in third-quarter sales. The share of total light-duty vehicle sales for hybrids, plug-in hybrids, and BEVs rose due to both a decline in sales of non-hybrid gasoline- and diesel-fueled vehicles as well as an increase in sales of several existing BEV models. Sales of hybrids, plug-in hybrids, and BEVs have accounted for 16.0% of all new light-duty vehicle sales in the United States so far this year, compared with 12.5% in 2022 and 9.0% in 2021. Sales of hybrid, plug-in hybrid, and battery-electric vehicles (BEV) in the United States rose to 17.7% of new light-duty vehicle sales in third-quarter 2023, according to data from Wards Intelligence.
