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Monday, 27 June 2022 12:37

Americans Paying $54,000 on Average for an EV, Increase of $10,000 Over a Year Ago

Written by Stephen Jones, Business Insider

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Americans are paying $54,000 on average for an electric vehicle, a surge of 22% in a year, figures show.

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.

 

To read more, see Business Insider.