the average price of an electric car in the united states reached $66,000 last month, an increase of more than 13% year over year. that’s a bit disappointing since the promise was that ev prices would go down, but this price increase isn’t the whole story.
One of the biggest complaints about electric vehicles remains their price. are unaffordable for most consumers, even with subsidies.
To be fair, most new cars aren’t a smart buy for most people, and EVs go after the new car market. but there’s also the factor that many automakers entering the ev space started with more expensive segments, resulting in EVs being on average more expensive.
In addition, there is uncontrolled inflation that increases the price of everything, including electric cars. Kelley’s Blue Book is out now with a new report that tracks average car prices in the United States. their report confirms that the average price of eb has increased by 13.7% to $66,000:
the average price paid for a new electric vehicle (ev) increased in June by 3.8% compared to May and 13.7% compared to the previous year. The average price of a new electric vehicle (more than $66,000, according to Kelley Blue Book estimates) is well above the industry average and more aligned with luxury prices than conventional prices.
It’s a significant year-over-year increase, but it’s in line with price increases for the broader auto market, which was up 12.7% to $48,043 last month.
Obviously, the $18,000 difference in average price isn’t much of a comparison, since gasoline vehicles are offered in a much larger variety of models and in more categories than electric vehicles, which again tend to be more expensive models. premium and deluxe.
however, the actual cost of ownership is extremely close on average after accounting for gas savings.
kbb published the average transaction prices for each brand, and tesla is up almost 12% over the last year:
but interestingly, tesla’s average selling price is extremely comparable to other premium automakers like bmw.
We really can’t blame the EV market for these price increases. Inflation is hitting virtually every industry quite hard. once things settle down on that front, I think we’ll see improvements in EV pricing through economies of scale and reduction in battery cost.
Of course, if we look at the overall average selling price of electric vehicles, the models in the cheapest segments will make the most difference. I’m referring to vehicles like the vw id life and the recently announced $20,000 hyundai electric car.
At the same time, electric trucks are likely to account for a significant portion of electric vehicle sales in the United States in the coming years, and that should drive the average higher.
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