Used electric cars are also gaining some traction. New EV tax credits of up to $7,500 might be able to help, for those cars with sticker prices capped at $55,000 (smaller vehicles) and $80,000 (pickups and SUVs). For now, there's a mad dash to secure battery supplies, and that has things volatile. Automakers and other industry stakeholders say they are racing to bring the cost of EV batteries down, and that will come with scale, improvements in the supply-and-demand crunch, and more raw material processing in the US. Plus, most of the EVs that have hit the market so far have been luxury products and bigger vehicles.īut it's important to note that April's average EV price was down $10,096 from a year earlier. It's also true that EVs haven't yet hit scale (at least in the US), and EV batteries are generally a really costly component.
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