EV prices saw a year-over-year increase of 54 percent.
One of the major barriers to mass adoption of electric vehicles is cost. EVs are just way too expensive, with the average price hitting an all-time high earlier this summer of $66,000. That’s disappointing because the auto industry has always promised that prices would come down as EV battery packs became more efficient to manufacture.
The reason EV prices have shot up at such a staggering rate is multilayered. There’s a global chip shortage, which caused huge production problems for the industry and They found that EV prices spiked in January 2022, up 54.1 percent as compared to the prior year thanks to high gas prices driving a surge in demand for plug-in vehicles. Price increases for both EVs and gas vehicles dropped in March, but while they continued to go down for conventional vehicles, they went back up for EVs and just kept increasing into the summer.
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