Automakers are slashing prices on electric vehicles and offering more deals as competition grows and supply begins to outpace demand, The New York Times reports. Sales of electric vehicles are up about 48% from a year earlier, but new cars and trucks are rolling off the assembly lines even faster, and unsold vehicles are piling up. 

Ford on Monday announced it would cut prices on its electric F-150 Lightning pickup truck by up to about 17%, sending its stock tumbling and raising questions about the strength of the EV market. Tesla has also made several price reductions recently.

• More than 90,000 battery-powered cars and trucks are sitting on dealer lots, four times as many as a year ago, according to research firm Cox Automotive.
• The average price buyers paid for an EV decreased nearly 20% from June 2022 to last month.
• General Motors will soon release an electric version of the Chevrolet Silverado.