🚘New car prices = down…

According to our poll from Tuesday, 90% of you expect to purchase an EV this year.  That’s incredible.

Special Shoutout:

@ Scott– Congrats on purchasing a Model 3 this week.

@ Jose– I hear ya about the smaller truck.  I was talking to an employee at Rivian this week about having smaller electric trucks.

@Mike– These tax credits have certainly created some challenges.  Once you get your XC 40, hopefully, all of that frustration will disappear.

@Audi 3.2– Congrats on the purchase of a Model 3.

“A smart car is not just about giving you information, but it is also about keeping you safe.”

– Jensen Huang

Auction Quiz

Guess how much a 1992 BMW 325i M-Technic Convertible with 182k miles, converted to electric sold for recently on Bring a Trailer? 

1. $40,000
2. $25,000
3. $37,000
4. $83,500

The answer is here

New Car Prices

In March 2023, the average transaction price of a new vehicle in the US dropped below the MSRP for the first time in 20 months, as reported by Kelley Blue Book. The ATP in March was $48,008, a 1.1% decrease from the previous month, while still remaining 3.8% higher compared to the same period last year. Sales volumes increased 20% month-over-month and 8% year-over-year, attributed to improved supply, a better mix of lower-priced models, and strong fleet sales.  That’s the good news.

Unfortunately, for EVs, the average price paid in March for a new EV increased by 0.5% compared to February 2023, reaching an average of $58,940. Despite Tesla cutting prices recently, the rise in EV prices is attributed to increased sales from Mercedes, Rivian, Lucid, and other brands, which offset the lower-priced Tesla products.

Let’s get those EV prices lower.

Giveaway

Don’t forget about our giveaway.  We’ll pick a winner at the end of April.  The winner gets to pick out any single item on Rivian’s Gear Shop for up to $50.  To be entered, all you have to do is:

1. Make sure you are subscribed to the newsletter
2. Forward the newsletter to two friends and have them subscribe

In Other EV News

• Chipotle has announced a new all electric restaurant design aimed at maximizing energy efficiency and utilizing 100% renewable energy. This initiative supports the company’s science-based targets to reduce greenhouse gas emissions 50% by 2030 compared to 2019 levels.
• The launch of Genesis Home has been announced, which is an ecosystem that allows customers to electrify their homes. To streamline the home electrification process, Genesis Home pairs top products and pre-vetted installers with dedicated Energy Advisors who guide customers through the entire journey.