America's Cheapest EV - Climate Crisis 247

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EVs are too expensive. At least, that is one of the reasons given by researchers trying to pinpoint why EV sales in the US have slowed. Buyers are snapping up used Teslas because they find new ones too expensive. South Korea’s Hyundai, which came out of nowhere two decades ago to compete in America with US, Japanese, and German cars, has also started to grab EV sales, even as the market falters.

EV News –Ford’s Big Challenge

EV Prices –Mach-E Cuts

Hyundai has begun offering what appears to be the lowest-priced new EV lease in America. According to CarsDirect, “…the 2024 Hyundai IONIQ 6 SE got an unbelievable national lease deal priced at $239 for 24 months with $239 due at signing before taxes and fees. Unlike most incentives, this is a zero-down lease that requires just the first month’s payment at signing.” Another Hyundai, the IONIQ 5, went on the market recently with a monthly lease payment of $213.

It is hard to find a new car lease for a hybrid, EV, or gas-powered car with a monthly payment of under $250. And most leases require thousands of dollars upfront.

Ford Mach-E Lease Price

By contrast, Ford is desperate to lease its Mustang Mach-E. Despite substantial R&D costs, expensive marketing, and the use of the iconic Mustang brand, it has only been able to move a little more than 1,000 of these a month. What is the price of a Mach-E lease? For 36 months, $399 a month with $5,549 due at signing.

Hyundai is about to flank Ford again, along with most other competitors. The EV manufacturers continue to price themselves out of the market.