Which electric cars saw prices drop sharply in 2024: a list

Market analysts have long predicted that prices for electric vehicles would begin to decline, as buyers' caution about cars with electric motors is declining, while demand is growing. And so, many manufacturers have already announced price cuts for some models.

Journalists from the American magazine Top Speed have ranked the electric vehicles that have fallen in price the most in the US market. It is expected that price cuts will also occur in other countries.

Tesla Model X, Model Y and Model S

Price reduction: 2000 dollars

Tesla has reduced prices for three of its five models in the US by another $2000. In this way, the brand is trying not to fall out of the competition, where many competitors, especially Ford and General Motors, are on its heels, investing heavily in the production of more affordable electric vehicles. This price cut is part of Tesla's strategy to balance production and demand. Recently, Tesla's share of the U.S. electric vehicle sales market has declined from 80% in 2018 to 2020 to 55% in 2023.

BMW i4 and i5

Price reduction: from $5000 plus loyalty discount

This year, BMW's electric sedans are sold with a $5000 discount. In addition, BMW provides loyalty program discounts to current and former owners of the brand's models: $1,000 for the i4 and $1,500 for the i5. If you add to this favorable lending terms, the total savings can amount to $9000. And that's for the luxury of having a BMW.

Ford F-150 Lightning

Price reduction: 5500 dollars

Ford has announced a significant price reduction for several F-150 Lightning trims to bring production in line with customer demand. In addition to the price reduction, the model has received several updates: a better battery temperature control system and an improved display for advanced charging information.

Nissan Ariya EV

Price reduction: 6000 dollars

The Japanese automaker also responded to the decision of Ford and other manufacturers to reduce prices for popular electric models. At the same time, the 2024 Ariya offers a wide range of configurations with different functions and battery capacity. Some packages have fallen in price by $3000, but the all-wheel drive e-4ORCE Platinum+ with 389 hp has lost as much as $6000 in value.

Hyundai IONIQ 6

Price reduction: $7500

In fact, drivers in the United States have received a discount on the purchase of all 2024 IONIQ 6 trim levels. Thus, the price for them was reduced by $7.5 thousand, making the Korean electric car much more affordable. Now it costs significantly less than the new Tesla Model 3 Highland. Hyundai explains this step by expanding and improving the efficiency of electric vehicle production.

BMW i7 and iX

Price reduction: $7,500

BMW offers significant benefits in the United States when buying a line of electric vehicles in 2024: the i7 sedan and iX SUV receive a $7,500 discount. This discount is provided in the form of various loan programs. Also, owners of other BMW cars can get a price reduction under the loyalty program. The savings will amount to $3000. In total, you can get a discount of up to $13,000 for these models under various programs.

Ford Mustang Mach-E

Price reduction: 8100 dollars

Ford has announced a significant price reduction for its Mustang Mach-E electric SUV. The price had to be revised after sales dropped by 51% in January. Analysts adjusted the price to bring it more in line with the market situation. Now Mach-E has become more competitive with rivals such as Tesla Model Y.

Volkswagen ID.4 AWD Pro S

Price reduction: $13,000

The biggest savings on the model in the U.S. can be obtained by leasing a car. This significant discount is part of Volkswagen's efforts to clear out inventory in preparation for the release of new electric vehicle models. In addition, the brand wants to maintain its position in the market - last year, the ID.4 was the fifth best-selling electric vehicle in the United States. The growth compared to 2022 was up to 84%. The new discount makes the model one of the most competitive electric SUVs in America.

Hyundai IONIQ 5

Price reduction: $ 15,000

By leasing the IONIQ 5, U.S. drivers can save up to $15,000. With a starting price of $41,800, the IONIQ 5 is already one of the most affordable electric SUVs available, and this deal significantly enhances its position. Built on Hyundai's special E-GMP platform, the IONIQ 5 offers a range of up to 490 km and features 800V fast charging capability, allowing it to be charged from 10% to 80% in just 18 minutes. This makes it a highly competitive option in the EV market, especially when compared to models like the Ford Mustang Mach-E and Nissan Ariya. The Korean company has now overtaken Ford and GM to become the second-best-selling electric vehicle brand in the United States after Tesla.

Mercedes-Benz EQS

Price reduction: 19 442

Mercedes-Benz has announced a significant price cut for its EQS SUV, reducing the cost by almost $20,000. In this way, the concern seeks to attract as many drivers as possible to use electric vehicles. At the same time, the brand aims to lead the trend of stimulating sales by lowering prices amid growing stocks of electric vehicles.

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