Automakers are splurging on financing deals and cash incentives to entice buyers to close on electric vehicles, The Wall Street Journal reports.
The discounts come after demand has slowed for months for electric vehicles. For the first half of the year, four of the five vehicle models with the steepest list price decrease were electric.
A report released earlier this month also showed that buyers this year are paying about $1,500 more for nonluxury EVs over a traditional gas-powered vehicle. Last year, the average EV was fetching around $8,400 more.
The discount deals, while they may help move inventory, could make the EVs even less profitable. Automakers have allegedly lost billions as demand for EVs has wavered.
