Small Car Sales Surge Threatens EVs
Sales of small cars and crossovers, combined with falling crude prices and likely gas price reductions, could further slow the sales price of EVs in the late summer and into the fall.
Also, compared to cheap cars, vehicle EVs are considered expensive.
Axios wrote, quoting data from Cox Automotive, that total vehicle sales rose 2% in the first half of the year. Compact car sales rose 18%, and subcompacts by 20%. People are trading in Teslas for gas-powered cars.
Based on EPA figures, some subcompact cars get much better than 30 MPG combined city/highway driving. The popular Nissan Versa (35 MPG) and Honda Fit are among these. A worry about a slowing economy may drop the average cost of a gallon of regular gas nationwide to under $2.25. There is a segment of the market that still buys full-sized pickups.
The cheapest cars to insure also tend to be small compacts and crossovers. However, EVs can be expensive to insure. According to the National Association of Insurance Commissioners, EV insurance prices are higher than gas-powered cars.
EVs will probably control much of the US market in a decade. Low-pierced small cars will delay that.
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