The cost of the average EV in the first quarter of 2023 was ~$58,800 while the average cost of all new light-duty vehicles in that time period was about $48,800. Year-over-year, EV prices declined more than $5600 from the first quarter of 2022 while the average cost of all new light vehicles rose just under $2700.

There are more than 284 million light-duty vehicles in operation (VIO) in the United States, EVs represent just 1.17% of all light vehicles in the country (~ 3.3 million EVs). EVs represented more than 1% of total VIO for the first time at the end of 2022. The EV VIO of 1.17% is an increase of 0.3 ppts since the first quarter of 2022 and nearly double the EV VIO from first quarter in 2021 (0.60%)