In March 2025, Cox Automotive reported that average transaction prices (ATP) for electric vehicles reached $59,205, reflecting a 7% year-over-year growth and significantly surpassing the overall auto industry's ATP of $47,462. Tesla's Model Y and Model 3 led this increase, showcasing 3.5% and 4.5% growth respectively. Incentives for EVs remained substantial, although they decreased slightly compared to previous months. Tesla also navigated production changes but managed to keep ATPs elevated thanks to new variants. Cox concluded that electric vehicles are establishing a stronger market position with increasing prices reflecting rising demand.
Compared to the overall industry ATP ($47,462), EV ATPs in March were higher by nearly 25% as the gap between new ICE and new EV grows wider.
Tesla's two core models - Model 3 and Model Y - were higher month over month and year over year in March, reflecting their strong demand despite production challenges.
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