The median price for new electric vehicles continues to fall, according to a recent report, reflecting increased production and inventory of EVs and changes in federal incentives.

The average transaction price for an EV last month was $55,488, down from nearly $65,000 in May of last year, according to a recent report from automotive data company Kelley Blue Book. The overall average transaction price for all vehicles sold in May was $48,528…

Automakers are rapidly electrifying their fleets amid a ramp up in federal incentives for both manufacturing and for buyers of new EVs. The Biden administration is pushing electrification to reduce greenhouse gases as EVs do not produce tailpipe emissions once on the road.

Nationwide prices for EVs peaked in June 2022 at $66,997.