<div id="readability-page-1"><div><div><p>The average transaction price for a new EV in the U.S. slipped 2.2% in July as automakers rushed to move units off the lot before the $7,500 Federal EV Credit ends on September 30.</p><h2>New EV Prices Fall 4.2% YoY In July, EV Incentives Soar 40%</h2><p>The ATP for new EVs in July came in at $55,689, down 2.2% from June's $56,915, Kelley Blue Book data showcased on Monday. The average price also fell 4.2% in July compared to the previous year.</p><p>The average incentives offered on EVs also rose to over 17.5% of the ATP, a marked increase of 40% YoY and the record incentives offered on modern EVs, the data suggests.</p><p>“The urgency created by the administration’s decision to sunset government-backed, IRA-era EV incentives was expected to create serious demand for EVs in the short term,” <strong>Stephanie Valdez Streaty</strong>, an analyst cited in the report, said. She added that the trend points towards a “best-ever Q3” for automakers as “July sales were near an all-time monthly record.” </p><h2>Tesla Leads The Price Cuts</h2><p><strong>Tesla Inc.</strong> <span>TSLA</span> led the price cuts for EVs in July, with the ATP for a vehicle from the company coming in at $52,949. The ATP was down 9.1% YoY. &#34;A higher mix of core Model 3 and Model Y products helped pull prices lower for Tesla,&#34; the report said.</p><h2>Tesla Sales Fall Yet Again, Ford Readies New EV Platform</h2><p>Tesla continued its sales decline, with the company's July Model Y and Model 3 sales down in China by 15% and 40% YoY, respectively. Tesla sales also fell by over 60% in the UK.</p><p>However, Tesla still dominates used EV sales in the U.S. with data from <strong>Carvana Co.</strong> <span>CVNA</span>, with the Model 3, the Model Y and the Model S comprising the top 3 spots on the platform.</p><p>Elsewhere, <strong>Ford Motor Co.</strong> <span>F</span> has unveiled a new EV platform, which will form the basis of the company's affordable electric vehicle plans, as it will underpin a $30,000 EV from the company.</p><p>Tesla scores well on Momentum, Quality and Growth metrics, but offers poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!</p><p><em>Check out more of Benzinga’s Future Of Mobility coverage by</em><em> following this link.</em></p><ul> <li><strong>Elon Musk Reacts To Rivian, Lucid Accruing Cash Burn Of $88 Billion As Tesla Remains Only Free Cash Flow Generating Company: ‘Harder Than It Looks'</strong></li> </ul><p><em>Photo courtesy: VTT Studio / Shutterstock.com</em></p></div></div></div>

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<p>Tesla has led a price reduction in electric vehicles (EVs) in July, with the average transaction price dropping 2.2% to $55,689. This decline is attributed to the impending end of the $7,500 Federal EV Credit on September 30, prompting automakers to boost sales. Despite Tesla's price cuts, the company faced a sales decline in China and the UK. Meanwhile, Ford is launching a new EV platform for affordable models. Overall, EV incentives surged by 40% year-over-year, indicating strong demand ahead of the credit expiration.</p>

- The average transaction price for new electric vehicles (EVs) in the U.S. decreased by 2.2% in July, reaching $55,689, as automakers aimed to sell units before the $7,500 Federal EV Credit expires.  
- Average incentives for EVs rose to over 17.5% of the ATP, a 40% increase year-over-year, indicating strong short-term demand due to the impending end of government-backed incentives.  
- Tesla led price cuts with an ATP of $52,949, despite experiencing a decline in sales, while Ford introduced a new EV platform aimed at affordable electric vehicles.  

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Tesla Leads New EV Price Reduction In July As Trump's $7,500 Federal Credit Deadline Drives Sales Growth