Why Are There No Cheap EVs?

You might want to buy an electric car, but the price gives you a severe case of sticker shock. It leaves you wondering, “Why is the cost so much higher than gas cars?”

For example, the cheapest 2023 gas-engined model vehicle available in the U.S. is the Nissan Versa at $15,730 plus destination. The cheapest EV is the Chevrolet Bolt at $25,600 plus destination.

That price difference is pretty easy to attribute — it’s the large, costly battery that takes the place of an internal combustion engine in an electric car, or EV. A lithium-ion battery that provides ample driving range can cost $10,000 to $20,000 alone, according to Karl Brauer, executive analyst for car search engine site iSeeCars.

But there are other factors driving up the price of EVs, says Liz Najman, a climate scientist and communications and research manager at Recurrent Auto, an EV research and analytics firm focused on the used-vehicle market. She cites continuing supply-chain problems, low inventories and the…

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This article was written by Philip Reed and originally published on www.nerdwallet.com