The cost of electric vehicles is high

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picture: Toyota

While reading Elizabeth Blackstock mail The other day you’re contemplating whether or not Toyota’s marketing plan for its first electric car will work, the bZ4X – which seemed to me. I realized automakers don’t seem to want electric cars in the hands of the masses—and it all has to do with cost, since the cost of every electric vehicle on sale is too much for the average American.

Elizabeth continued her article saying that Toyota has set its demographic target for the bZ4x at “people who are slightly older, perhaps between 35 and 55, who make at least $100,000 a year, and are probably looking to transition to their first electric vehicle.” It’s Toyota’s first electric car, and they’re already targeting high-income families.

I know I know. Automakers are companies that make money. But the problem is the pressure on Americans to supply Americans with electricity. This push comes from both sides with consumers stuck in the middle: Many car manufacturers You have committed to stop manufacturing gas-powered cars either before the end of the decade or sometime in 2030; different countries They have already demanded or have legislation being put in place to ban the sale of gas-powered vehicles. Both have the support of the federal government. Biden administration He also wants mass consumer adoption of electric vehicles, and pushes for a 50 percent electric vehicle market share by 2030. All are ambitious goals and lead to good public relations and political influence. But the problem is that most electric vehicles for sale or soon to be at incredible prices are out of people’s reach.

Electric vehicle prices are really the elephant in the room. In January 2022, Average transaction price For an EV it was $62,876. This represents more than 93 percent of The average American family Income in 2020. Electric cars for the wealthy only push the average price up. Think I’m lying? Go and see for yourself. You have to fall Over $60,000 To get into the Tesla Model Y. And that’s just for the time being that Tesla seems to be raising its prices every few months. a Porsche Taycan It starts at around $83,000 in its basic versions with Audi e-tron GT Cousin has a six-figure starting price of $102,400; Lucid It has a cheaper airfare, but it will cost you over $77,000 to get one; Cadillac LYRIQ? It should start at $60,000.

Even electric cars from mainstream automakers will cost you more than $40,000. The Ford Mustang Mach-E It costs roughly $44,000 for the base trim with 247 miles of range; a Hyundai Ioniq 5 It starts at just over $43,000 – and good luck finding one for that as traders stock close to $50,000 and up. Kia says its EV6 should start under $41,000, but in the real world, you can You can hardly find them Less than $50,000.

And don’t buy or tell me ‘what about Electric Vehicle Tax Credit? This should be placed on billboards across the country: The electric vehicle tax credit is not a discount on the price of the car.

The Feds and automakers were selling them this way to make it easier to swallow electric vehicle prices. The “tax credit” does not work that way. The dealer won’t lose $7,500 off the price of any electric vehicle you try to buy. Instead, you buy an EV and get tax time, and you get $7,500 in credit on your taxes. This is. There are regional discounts on the value of the electric vehicle, but this does not represent a discount on the purchase price. Most of those have to be applied for, and you’ll have to wait for a check to come in the mail if you’re using one. And if you live anything like CaliforniaYou may wait months to get that check.

You might also say “But the automaker said the cheap stuff is coming!” Is that it though? All that is known about the road is still elusive. her chevy SS . Blazer And moderation EVs are coming but not until late 2023. Chrysler has urgently needed Air flow, but that won’t happen until 2025. Fisker He claims Ocean will start at $37,499. But come on, it’s Fisker.

And it seems like $40,000 is the new go-to for most cars, so even if cheap electric cars are coming, I don’t see most of them coming under that price. Mercedes bubbles burst Recently when a company representative said that current EV technology cannot produce cheap electric vehicles. Of the nearly 30 electric vehicles currently on sale here in the US, only two start under $40,000: the Nissan Leaf ($27,400) and the Chevy Bolt/EUV ($31,500; $33,500 for EUV).

Currently, electric vehicles are considered luxury cars and not a mass production vehicle in the market. Time and time again, studies have confirmed that many people only Can’t stand turning greenAnd electric vehicles are the big culprit.

So when will cheaper electric vehicles come? I hope I can give you an answer. But then again, automakers can’t keep trying to sell the public on mass adoption of electric vehicles while releasing vehicles that are priced out of the reach of most Americans. With record car prices and record profits for automakers, they don’t seem to be in a hurry to get around making the cheap stuff either.