EV prices have begun to fall, according to Kelly Blue Book.
While the average price of a new car rose in December, 2022 to US$49,507, the average price of electric vehicles (EV’s) fell 5.5% over the previous month, ending 2022 at US$61,448.
While that remains too high for the average American household, it is now lower than the cost of the average luxury car – which EV’s were commonly compared to – which stood at US$66,660 at the end of 2022.
As long as prices remain high, government incentives will play a large and necessary part of widespread EV adoption.