Meanwhile, Americans are paying $44,400 on average for fossil fuel-powered vehicles, representing a gain of 14% in the year to May, research by JD Power, cited by the The Wall Street Journal, found.
Automakers are hiking prices to offset the soaring cost of raw materials. Long-running supply chain challenges, exacerbated by the war in Ukraine, has caused the cost of materials like nickel, cobalt and lithium---all of which are essential ingredients for EV batteries---to surge.