Electric vehicle prices are dropping significantly due to advancements in manufacturing, reduced battery costs, and increased competition.
Jack Ewing reports for The New York Times.
In short:
- Increased competition, efficient manufacturing, and lower raw material costs are making electric cars more affordable.
- Federal and state incentives further reduce prices, with some new models selling for under $30,000 after credits.
- Electric vehicles are becoming more practical with improved battery ranges and faster charging times.
Key quote:
“The E.V. market has hit an inflection point. The early adopters have come. They’ve got their cars. Now you’re starting to see us transition to a mass market.”
— Randy Parker, chief executive of Hyundai Motor America
Why this matters:
Affordable electric vehicles increase accessibility, helping more consumers transition from gasoline cars, reducing carbon emissions, and supporting environmental sustainability goals.
