The average price of electric vehicles (EVs) has fallen by 25% since 2018, indicating a significant shift in market trends. In the U.S., the price difference between internal combustion engine (ICE) vehicles and EVs decreased from 50% in 2021 to just 15% in 2023. However, EVs in the U.S. and Europe are still generally more expensive than their Chinese counterparts. For instance, the average EV price in China is substantially lower at $33,400 compared to $67,000 in the U.S. This affordability contributes to higher EV adoption rates in China.
The average price of an EV has fallen by 25% since 2018, narrowing the gap with combustion vehicles, especially in the U.S.
In the U.S., the price gap between combustion cars and EVs shrank from 50% in 2021 to only 15% by 2023, indicating improving affordability.
However, EVs remain significantly more expensive in the U.S. and Europe compared to China, where EVs are much more affordable.
In China, the average price of a new EV is about $33,400, while the same vehicle costs around $67,000 in the U.S.
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