Affordable Electric Vehicles are Gaining Momentum, But Not In the U.S.A

A sneak peek at Volkswagen's forthcoming electric car, the ID.Every1, which bears a price tag of $21,500 was unveiled last week. This stylish, compact hatchback has futuristic interiors with a generous touchscreen and promises a minimum 150-mile range per charge. The first of its kind to utilize Rivian's underlying technology, the ID.Every1 seems a promising investment. However, its availability for about 350 million U.S citizens seems shadowy. Volkswagen states that this model is "from Europe for Europe."
The demand for genuinely affordable electric cars remains high in the U.S, and having more choices on offer could drive more consumers to shun gasoline as a fuel source. Despite potential apprehensions associated with charging and EV range, the key decision-making factor for most regular drivers remains the price. While cheaper EV models exist, they are primarily available in markets outside of the U.S, like Europe and China.
Additionally, Kia showcased the Concept EV2 last month, a mouthwateringly affordable electric crossover intended for European and "other regions"; its introduction to the U.S market remains uncertain. This petite EV is projected to cost approximately 30,000 euros ($32,500 at current rates) when it hits the market next year. Other economical yet appealing EVs such as Fiat Grande Panda, Renault 5, and Hyundai Inster continue to remain elusive to American buyers.
The lack of budget-friendly, compact cars in the U.S is a dominant underlying factor – regardless of their fuel source. Many are startled to discover that the average cost of a new car in the U.S exceeds $48,000.
Moreover, small cars like the Smart ForTwo and Fiat 500 never gained substantial popularity in the U.S, while American auto manufacturers have ceased the production of sedans and hatchbacks, shifting their focus towards larger vehicles like Silverado, F-150, and Yukon. As a result, the average price for a new EV in America stands at around $56,000.
However, not all is gloomy. The Nissan Leaf, although a bit dated, retails for about $28,000. Last year, Chevrolet introduced the Equinox EV, which offers 319 miles of EPA-rated range and costs $27,500 after tax credits. Additionally, battery costs are witnessing a downward trend, suggesting a potential reduction in EV prices in the future.
So, for those unwilling to wait, the best way to obtain a cheap EV in America currently is to opt for a used model.