The electric vehicle market has seen a rise in new EV prices in April, potentially due to tariffs and decreased incentives. Tesla led the way in the US for the month, but its Cybertruck sales have been a disappointment.
Key Highlights
- Tesla was the leader for electric vehicle sales in the US in 2024, but saw its market share decline with more entrants in the sector.
- The company faces potential brand damage in 2025 due to CEO Elon Musk’s political involvement.
- In April, Tesla led the way for electric vehicles in the US with over 45,000 units sold, marking the best month of 2025 to date.
Sales Performance
- April saw new EV sales drop 6% from the previous month, but compared to the first four months of 2024, new EV sales are up 5.4% year over year.
- The average transaction price for Tesla was $56,120 in April, up month over month and year over year.
- The average selling price for the Cybertruck was $89,247 in April, which comes as the vehicle’s price falls with new models and incentives.
Cybertruck Sales
- Less than 2,000 Cybertruck units were sold in the US in April, the first time under that figure in a year, indicating continued pressure on the once highly-anticipated pickup truck.
- Tesla had around 10,000 Cybertruck units in its inventory, a figure that continues to build with possible pressure on sales.
Market Trends
- The average transaction price for a new EV in April was $59,225, up 0.2% from March and 3.7% year over year.
- The price rise is partly due to lower incentives, which made up just 11.6% of the average electric vehicle transaction in April, down from 13.9% at the peak in November 2024.
Expert Insights
- “Ever since President Trump announced auto tariffs 47 days ago, the cost of new cars has been steadily climbing,” said Cox Automotive executive analyst Erin Keating.
Importance of the Report
- The latest report from Kelley Blue Book comes on top of reports that Tesla sales have declined in Europe and China.
- There were a record 1.3 million electric vehicles sold in the US in 2024, a figure up 7.3% year-over-year.
- Tesla held three of the top 10 spots with the Cybertruck ranking fifth with 39,965 units sold in 2024.
Stock Performance
- Tesla stock is up 4.8% to $333.65, with a 52-week trading range of $157.40 to $488.54.
- Tesla stock is down 12.1% year-to-date in 2025, while shares are up over 90% in the last year.