Cheap EVs May Save The Industry
No one expected cheap EVs until the Chinese eventually entered the US market. That is a long way off because of the 100% tariffs that the American government has placed on these vehicles. The wait for cheap EVs may be over, at least for some models.
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The Wall Street Journal reports, “Four of the five vehicle models with the biggest drop in list price over the first half of this year were electric, including the Chevrolet Blazer and Volkswagen ID.4 SUVs, according to shopping site CarGurus.” Some are cars no one wants, like the Chrysler Voyager. So, the discounts are likely to have differing effects on buyers.
The four cars mentioned are just one example. Tesla has changed the prices of its cars, in some cases, several times. In almost all those cases, the prices moved lower. Subaru’s Soltera, its EV model, allows buyers to get 0% APR financing for 72 months. It is a remarkable offer, given that new car loans can be as high as 6%. Ford F-150 sales have been weak.
Range And Chargers
Cheap cars may not turn around the industry. Buyers are still worried about the range and the number of chargers. EVs do not fully change in cold weather. They also eat through tires more quickly than most gas-powered cars. New charging stations may help.
One of the most problematic challenges EVs face is that, according to a recent survey, many people who own an EV would switch back to a gas-powered car.
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