Electric vehicle (EV) prices in the United States (US) averaged roughly $66,000 last June, which is significantly up from May, more so in the past year or in 2021.
In this day and age, EVs have become more abundantly available, and more folks are dipping their toes into them as they completely ditch their fuel-powered cars.
However, the average price of EVs these days has become more akin to luxury and more premium fuel-powered options. Thus, it prevents most buyers from switching to all-electric cars.
EV Prices in the US Now Averages at $66,000
As per a news story by Electrek, buyers of brand new vehicles are still making a fuss about the exorbitant prices of all-electric cars even as more automakers have begun offering them.
However, the online news outlet notes that most carmakers dip their toes in the EV maker by debuting premium vehicle options. And as such, the average price of electric cars nowadays has become less affordable.
It is worth noting that the extreme inflation alone has been jacking up the prices of all sorts of commodities, which do not space EVs and even the traditional fuel-powered vehicles.
In fact, the latest average price tracking of Kelley Blue Book shows that the prices of EVs in June have increased by a whopping 13.7% compared to its figures last year or in 2021.
In turn, the price of electric cars in the US is now roughly a hefty $66,000. It is also up by 3.8% from May, the estimates of Kelley Blue Book discloses.
The renowned electric automaker, Tesla, now averages its price by about $68,392, which already outpaced the threshold of the premium German carmaker, BMW, which only averages at $66,390.
Meanwhile, the all-electric car startup, Rivian, cut its average price down from May by a measly 0.1%, pulling it from $72,973 in the last two months to $72,902 in June.
EVs and Inflation
According to a recent report by Business Insider, the raw materials that make electric engines possible have massively ballooned by a staggering 140% as of the end of June, says Alix Partners.
On the other hand, the average cost of building an EV engine last March 2020 cost around $3,381.
This time around, no thanks to the inflation of the raw materials for their batteries and electric engines, such as lithium and nickel, it has surged to roughly $8,255.
The high costs of these essential materials, along with the raging inflation have been jacking up the price of EV offerings these days. Not to mention that automakers are competiting to showcase their premium electric cars.
