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Largest Markets' Average Electric Vehicle Store Costs

Electric vehicle (EV) pricing trends in Europe and the U.S. contrast significantly with China. Variability in pricing in the U.S. and Europe since 2015 has persisted, with prices still on the rise. In contrast, EV prices in China have experienced steady drops.

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Large-scale market average EV selling prices
Large-scale market average EV selling prices

Largest Markets' Average Electric Vehicle Store Costs

Since 2020, major U.S. automakers like Ford and General Motors have made strides in offering more affordable, simpler electric vehicle (EV) models, such as the Ford Mustang Mach-E and Chevy Bolt. These vehicles have gradually approached parity with their gasoline counterparts, thanks to advancements in lower-cost battery technologies that reduce production costs and retail prices. However, the US market for EVs is not yet as advanced as those in Europe and China.

In Europe, the offer of cheaper, entry-level EV segments has also improved since 2020. Yet, high prices for EVs are not limited to luxury models or sectors with minimal price sensitivity. The average price of an electric vehicle in Europe in H1 2022 was €55,821, an increase from €48,942 in 2015. This reflects a 27% premium compared to gasoline vehicles on average.

Similar trends are seen in the US, where the average price of an EV in H1 2022 was €63,864, an increase from €53,038 in 2015. This equates to a 43% premium compared to gasoline vehicles on average. The US industry faces a unique challenge due to consumer preference for large trucks and SUVs, which can contribute to higher prices.

A key factor contributing to the high prices of EVs in both Europe and the US is the focus on luxury models and sectors with minimal price sensitivity by OEMs. As a result, little progress has been made in lowering the prices of EVs across Europe. Customers in Europe primarily rely on government subsidies for EV purchases due to the high prices, while in the US, these subsidies play a significant role as well.

Despite these challenges, both the European and US markets for EVs have seen improvements. Access to over 350 EV Market Reports, including this one, is available for free, offering valuable insights into the evolving landscape of the EV industry. As automakers continue to innovate and consumer preferences shift, it is hoped that prices for EVs will continue to drop and become more competitive with gasoline vehicles.

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