Prices on electric vehicles are tumbling as dealership lots are filling up with more models amid cooling consumer demand. The result is that EV prices, in some cases, are approaching those of gas-powered cars, after adding in federal tax credits.The average price of a new EV in May was $56,648, according to Kelley Blue Book, or about 15% lower than two years earlier, when the average price was $65,000.
But once those supply chain woes vanished, automakers revved up their production to keep pace with Americans' growing demand for EVs. Today, dealerships now have about 117 EVs available on their lots for a typical 45-day supply, compared to 78 gas-powered vehicles and 54 for hybrids, according to data from CarGurus.The auto industry is betting big on EVs, with automakers spending billions of dollars to retrofit their factories to produce battery-powered vehicles.