The electric car market is about to be accessible to a lot more people as we’ve now learned that Tesla and Volkswagen, the two market leaders for electric vehicles, have now both greenlit electric car programs that are going to start at ~$25,000 to $30,000.
In surveys about going electric, the price of new electric cars is always one of the top concerns of new buyers.
When it comes to the luxury segments, many electric vehicles have caught up in price and performance with their fossil fuel-powered counterparts.
However, this becomes less true down market with some exceptions.
Improvements in battery technology are now starting to enable automakers to reach higher performance, specifically longer ranges, at a lower price point in electric vehicles – opening EV ownership to more people.
Now two major electric automakers have announced compelling electric vehicle programs that should start between ~$25,000 to $30,000.
In September, Tesla announced that it will make a new smaller long-range electric car with its new battery technology starting at $25,000.
CEO Elon Musk commented in the announcement:
Tesla will make a compelling $25,000 electric vehicle that is also fully autonomous.
Musk also added that the new $25,000 electric car is going to come to market in about three years, when Tesla has ramped up production of its new battery cell. https://electrek.co/2020/11/27/tesla-volkswagen-compete-new-affordable-electric-cars/
CXO Price at posting:
6.3¢ Sentiment: Buy Disclosure: Held
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