Tesla prices, which bottomed out in late 2023, are estimated to have increased by 3.1% month-over-month to $57,369 in May, reports Kelley Blue Book.

Electric vehicle prices were higher year-over-year by 1.5%. Since January, when Tesla’s average transaction prices (ATPs) stood at $51,892, its ATP has increased by more than 10%, thanks to growing Cybertruck sales – around 3,000 were sold in May. Cybertruck’s average transaction price is $108,667.

Tesla is a bellwether for the overall EV market, with a nearly 50% share of total EV sales, which means that overall EV transaction prices also increased in May. The average cost for an EV in May was $56,648, 2.6% higher than in April.

Unlike Tesla, though, industry-wide EV prices in May were lower year-over-year by 4.1%. EV incentives continue to be much better than those for gas vehicles. In May, the average incentive package for an electric vehicle was 12.4% of the ATP, up from April and 5.7 percentage points higher than the industry average.

New EV prices peaked in the summer of 2022, during the last gas price surge, and have since generally decreased. This year, EV prices have been volatile on a month-to-month basis and fell to a low in March before increasing again in April and May.

EV ATPs in May were approximately 17% higher than the industry average. A year ago, the EV premium was 21%.