Prices for new electric vehicles experienced a drop in June as President Donald Trump ended EV-related incentives through the Big Beautiful Budget tax bill.
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What Happened: Average Transaction Price or ATP for an EV in the U.S. fell to $56,910 in June, down from $57,236 in May, Electrek reported on Tuesday, citing Kelley Blue Book data.
EV buyers also enjoyed more incentives, reaching a new record of 14.8% in June, saving over $8,400 on the Average Transaction Price for consumers. However, EV sales were down 6% YoY, with Tesla Inc. TSLA falling over 12.6% YoY in the U.S. in Q2.
Tesla's YTD segment share remains at 44.7% as the brand continues to lead the all-electric vehicle market in the country despite poor sales figures. Tesla sold 143,535 vehicles in Q2.
Why It Matters: The news comes as Tesla has experienced some high-profile exits from the EV giant recently. The automaker's head of sales in North America, Troy Jones, left Elon Musk's company following a 15-year stint.
Jones's exit comes weeks after top Musk aide, Omead Afshar, also departed from Tesla, leading to Musk assuming oversight of company sales in the U.S. as well as Europe.
However, Musk's feud with Trump has put Tesla under fire, with the company finally holding the annual shareholder meeting after pressure from investors following Musk's political activities and dwindling Tesla sales.
Experts like Wedbush Securities' analyst Dan Ives say the November 6th shareholder meeting will put Musk's $56B pay package in focus.
Tesla offers Satisfactory Momentum and Quality, while scoring well on the Growth metric, but offering poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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