A new report is going around that claims new, more affordable electric vehicles will be coming to market. According to the report, both Tesla and Volkswagen have given new EV programs the green light to create cars selling for between $25,000 and $30,000. That is a price point that will undoubtedly make transitioning to electric vehicles more affordable for people worldwide.
Pricing is one of the main concerns cited by vehicle shoppers for not choosing electric vehicles compared to a traditional car. Many have been waiting for EVs to reach price parity with similarly equipped traditional vehicles. That parity has been achieved in some parts of the luxury segment making EVs more popular in that part of the market.
Advancements in batteries have helped bring the price of electric vehicles down as the battery pack is one of the most expensive parts of the car. More drivers are interested in EVs as driving ranges have increased significantly in recent years. One barrier that remains in the way is the lack of charging infrastructure in many parts of the world.
Many also cite long charge times as a reason they’ve yet to adopt an electric vehicle. With new electric cars in the $25,000-$30,000 price range, one more barrier of entry will be removed. Tesla announced in September that it was planning a smaller long-range electric car using new battery technology that would start at $25,000. Elon Musk also noted that the vehicle will be fully autonomous and revealed a timeframe of about three years from now. The VW car is dubbed the Small Battery Electric Vehicle.
Volkswagen is aiming at a car about the size of its Polo. Volkswagen has offered no indication of when exactly its vehicle might come to market. Reports indicate that the 2024 through 2025 model range is a good guess for when the vehicles might arrive.