Electric car prices in China are even cheaper than traditional gasoline cars.
The average price of electric SUVs is much cheaper than it was six years ago, but the average price of electric cars is on the rise, especially for small models. Currently, the US and Europe are lagging behind China in terms of consumer access to electric vehicles, because the price of electric vehicles is still much more expensive than corresponding gasoline cars.
Buying an electric car in China is much easier than in Europe and the US - 1
In each electric vehicle segment, there are different price developments (Photo: Xpeng).
According to global automotive data provider JATO Dynamics, the average price of electric vehicles in Europe between 2015 and 2022 increased from 48,942 euros to 55,821 euros, and in the US increased from 53,038 euros. to 63,864 euros. Meanwhile, electric vehicle prices in China decreased from an average of 66,819 euros to 31,829 euros.
A more worrying problem is that electric cars are still much more expensive than gasoline cars - 27% more in Europe and 43% more in the US. The situation in China is completely different, where the price of electric cars is currently 33% cheaper than gasoline cars. What is the reason?
In terms of electric vehicle prices, China easily surpasses both Europe and the US thanks to the country's government's generous policies. Specifically, from 2015 to 2022, the average price of urban electric vehicles has decreased from 29,918 euros to 10,131 euros, making it easier to expand the market. Meanwhile, in Europe, the price of urban electric vehicles has increased 15% to 28,319 euros, much more expensive than the average 17,527 euros for gasoline cars.
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