The Price Gap Between EVs And ICE Cars Is Shrinking Fast
The average price of an EV has fallen by 25% since 2018.
In the U.S., the price difference between a combustion car and an EV was 50% in 2021 decreasing to 15% in 2023.
Kelley Blue Book said the average price of a new EV in the U.S. in July 2024 was $56,520 compared to $48,401—that’s a 16.8% difference. Jato found that the difference had fallen from 53% in 2018 to 15% in 2024. In this time span, the price of electric vehicles went down by 11% while ICE prices rose by 14% on average.
In the United States, just 5% of people said they’re looking for an EV as their next vehicle, while 6% said the powertrain preference is a PHEV. By comparison, 62% of respondents said their preference is an ICE model while 20% may choose a regular hybrid. The results were similar in other markets. Across South East Asia, 53% would prefer an ICE, followed by 17% considering a hybrid, 13% pondering a PHEV, and 11% thinking about an EV.
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The average price of an EV has fallen by 25% since 2018.
In the U.S., the price difference between a combustion car and an EV was 50% in 2021 decreasing to 15% in 2023.
Kelley Blue Book said the average price of a new EV in the U.S. in July 2024 was $56,520 compared to $48,401—that’s a 16.8% difference. Jato found that the difference had fallen from 53% in 2018 to 15% in 2024. In this time span, the price of electric vehicles went down by 11% while ICE prices rose by 14% on average.
In the United States, just 5% of people said they’re looking for an EV as their next vehicle, while 6% said the powertrain preference is a PHEV. By comparison, 62% of respondents said their preference is an ICE model while 20% may choose a regular hybrid. The results were similar in other markets. Across South East Asia, 53% would prefer an ICE, followed by 17% considering a hybrid, 13% pondering a PHEV, and 11% thinking about an EV.
Just 5% Of Americans Surveyed Want An EV As Their Next Car, But Is That Really True? | Carscoops
The results may look surprising, but even from big firms, things aren't always as they seem
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