While prices of vehicles have been on the rise for much of the past two years, the check a buyer writes for an EV is substantially larger than the one they cut for an average ICE vehicle. The average mass market vehicle costs a little more than $43,000 while the average EV’s price exceeds $60,000.
While gas-powered vehicles are seeing prices increase as well, they’ve been pretty small on average in recent months, coming in at 1% or 2%, but EV price increases have been double digit hits. The reason is pretty straightforward.
“The costs of the components and materials that go into building our vehicles have risen considerably. Everything from semiconductors to sheet metal to seats has become more expensive,” said Rivian founder and CEO R.J. Scaringe in a statement at the time of his company’s price increase.