In H1 2022, the average price of an EV in Europe was €55,821 and in the US it was €63,864 – up from €48,942 and €53,038 in 2015. Today, an EV costs 27% more than a gasoline vehicle on average in Europe, and 43% more in the United States.
With little progress in lowering EV prices across Europe, customers continue to rely primarily on government subsidies. This is largely due to OEMs focusing their production efforts on luxury models and sectors with minimal price sensitivity.
Since 2020, the offer of cheaper, entry-level segments has improved, although costs remain high when compared to equivalent gasoline vehicles.
With the exception of Tesla, OEMs in the United States have fallen behind their counterparts in Europe and China in terms of electrification. The US industry confronts a unique difficulty due to consumer predilection for huge trucks and SUVs.
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