Tuesday, February 27, 2024

The price of electric cars in the United States increased by 22% last May

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The rise in petrol prices has prompted more and more people who want to own a car to think about buying electric cars, but they are facing higher prices for electric cars, according to a report in The Wall Street Journal. Leading electric car makers Tesla, Ford and General Motors are reportedly raising the prices of their electric cars in an effort to offset the high cost of materials used in the manufacture of electric car batteries. As well as to benefit from the increasing demand for buying electric cars.

increase in price

Over the past few months, Tesla, Ford, General Motors and Lucid have been raising the prices of electric car models. Also last week, General Motors added $ 6,250 (GMC Hummer) to the price of electric pickup truck models from the car, which now stands at $ 85- $ 105,000, citing rising costs. Freight and logistics and a spokesman said the company’s waiting list for the truck is about two years, indicating high demand for its acquisition.

On the other hand, this year, Tesla tripled the price of its cars, for its model (Y SUV) Bestseller, adding about 9% to its price, now $ 69,990. In general, the average price of electric cars in the United States in May increased by about 22% to about $ 54,000 compared to the previous year, while prices of fuel-efficient cars increased. 14% during the same period, reaching about 44 thousand 400 dollars.

Electric car manufacturers say they are trying to offset the recent rise in the cost of raw materials used in the manufacture of batteries needed to power electric cars, which are expensive parts of the car. Prices of lithium, nickel and cobalt have more than doubled since the pre-Corona epidemic.

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Erosion of the profit margin

Automakers are pushing for the release of a wide range of electric vehicles, driven by the global trend to reduce pollution and concerns about climate change and Wall Street’s enthusiasm for the development of electric vehicles. According to estimates (Alex PartnersThe automotive industry has doubled the amount of money it has pledged to build electric cars in the past two years, and companies are expected to spend $ 526 billion to switch to electric cars over the five-year period ending in 2026. Analysts say rising prices could complicate the effort because they eat up the car companies’ profit margins compared to fuel-powered cars because the cost of batteries needed to power electric cars was higher than before last inflation. One-third of the total price of the car. Electric vehicle sales have been only 5% of total sales in the United States in recent months, and Tyson Gomini, vice president of data and analytics at JD Power, said: “Car companies must eventually make electric cars accessible to all. Want to own a car. Not just the rich.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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