Americans shopping for new electric vehicles at dealerships due to the increase in gasoline prices may experience sticker shock.
Along with gas prices, EV prices have surged from a year ago, according to new research from data and analytics firm J.D. Power, cited by The Wall Street Journal.
The average sticker price for an EV in the United States in May was up 22% from a year ago, to about $54,000, according to J.D. Power. The average price for an internal-combustion vehicle rose 14% over the same period, to about $44,400.
Automakers have increased the price to capitalize on new interest fueled by surging gas prices and offset the soaring cost of raw materials like nickel, cobalt and lithium for their large batteries due to supply chain issues, according to the WSJ.
The average cost of the raw materials for EVs has more than doubled to $8,255 per vehicle, up from $3,381 per vehicle, since the COVID-19 pandemic began, according to a report from CNBC, citing data from consulting firm AlixPartners.
The surge in raw material cost has been exacerbated by the war in Ukraine because Russia is a key exporter of several metals used in battery cells.
The current national average cost of regular gas is about $4.90, according to the American Automobile Association, down from about $4.98 a week ago, but still up from about $3.10 a year ago.
Online searchers for EVs have increase 73% since January, the WSJ previously reported, citing data from auto shopping websites Kelley Blue Book and Autotrader.
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No problem. I don’t want one AND I can’t afford one anyway!!!
The article neglects to cite the cost of recharging and the frequency to bring it in line with the costs of gas fill ups.
I have a Tesla and charge at home. We averaged it out over a year (before the surging gas prices), charging was 1/3 the cost of gasoline then… no telling what it is now.
AND how long those batteries even last!
long enough to drain your bank accounts. Just like the gas price increases.
This argument about EVs mean nothing until until you bring in the environmental costs in constructing them, especially their batteries, which check off an alarming number of environmental threats.
We have a car in my family that I bought in 1976, a 64 1/2 Ford Mustang. It still works.
How many EVs will still be functional 58 years after it was constructed?
How many will be functional 10 years after they were constructed?
And taking their prohibitive cost out of the discussion:
How long are the battery packs good for before they are no longer able to take a charge? What will it cost to replace them? Will it be that much less, or worth it rather than just replacing the whole vehicle?
What are we going to do about the disposal of those battery packs when they do fail to the a charge?
I live in the Bay Area of California, we have a difficult time even trying to recycled AA AAA C and D cell batteries.
And now there are studies showing that the weight of those battery packs are causing these EVs to produce more pollution in tire wear than eternal combustion engined vehicles.
Their construction is a pollution nightmare. Their battery packs need to be refueled by a grid that hasn’t been re-enforced, an during a time of regularly threatened brown outs and black outs. And the the batteries are a pollution nightmare when they are exhausted.
HOW are these EVs the answer to the question that nobody really asked except these worthless progressive woke wastes of biologically viable matter who don’t use them themselves?
Don’t forget, HOW Much slave labor, especially child slaves, from nations in Africa and such, ARE REQUIRED TO mine all that material used in those batteries…
Exactly. Nobody on the left ever brings this up. I wonder why.
You always have something valuable to add. Thanks.
Because they don’t really CARE about slave labor..
Nobody seems to look at the environmental impacts. All the mining is done with diesel powered vehicles, there is a problem with child slave labor being utilized in Africa along with China controlling many of the finite materials. Another hidden cost to EV’s, especially to Tesla, is that it is taxpayers that are footing the bill for Elon in the way of carbon credits. Without taxpayer money Tesla would be in the red. The cost of electricity is going to skyrocket because it is being shortened at both ends, ie., fewer coal and natural gas plants on one end and more demand on the other. The first cars were run on electricity and the market shut them down, too. This is a recipe for disaster. You know and “they” know.
Exactly!
You made my day.