The Polestar 3 electric SUV’s recent final announcement truly made me angry with the EV enthusiast community and the majority of media sources who cover EVs. Most enthusiasts who aren’t Tesla fanboys didn’t have an issue with the pricing, and only about half of the news pieces I’ve seen mention the car’s $80,000 price tag (typically in a backhanded understated way). If you’re interested, one of my fellow authors did get this right here.
Why do I care about an expensive EV? Well, I’m not only getting heartburn from one pricey electric car. It’s the fact that many manufacturers are unable to start providing anything more reasonably priced.
Typical automobile trickle-down technology is intended to, well, trickle down, according to theory. Even in the 2000s, the most costly cars all featured modern, efficient DOHC engines, but bargain-basement models occasionally still used antiquated pushrod technology. But ultimately what was previously only offered in a Cadillac made its way into the Cavalier. We predicted that EV prices would move in a similar fashion, starting at the top of the market and eventually settling at average and below average levels.
With two or three major instances that I’ll discuss in a moment, I’m not, however, witnessing that. The Ford F-150 Lightning for $40,000. Currently, they start at $52,000. The larger battery pack will set you back at least $80,000 if you want to utilize it for hauling or on the highway. R1T from Rivian? The least expensive version starts at $73,000. The Model 3 of Tesla? For the most basic version, which was intended to cost $35,000, almost $50k was paid.
None of these automobiles are subpar like the old compliance cars were. They are on dedicated EV platforms (no converted ICE designs that handle poorly), have a wide appeal, and have a respectable range in their most basic configurations. They do, however, illustrate what we continue to observe with new car announcements.
Even during the absurd pricing of 2022, it appears that most manufacturers are content to keep the price of their EV options at or above the typical price of a new car. Only a few cars cost less than $45,000. For instance, the VW ID.4 and Kia EV6 start at about $40,000. One of the Bolts (EV or EUV), a Nissan LEAF, or something very used are the only ways to get any cheaper.
We need to start evaluating prices more carefully rather than oohing and aahing over every new EV that enters the market. We should be grateful to a corporation for advancing the EV transition if it produces pricey vehicles but also makes an attempt to sell something with electric drive for around $30,000. If a corporation consistently introduces vehicles priced at $60,000 or more, they are only interested in making a few luxury dollars and have little regard for the advancement of their whole fleet.
Perhaps more crucially, even though there are currently price restrictions on the tax credits, very pricey EVs (particularly ones in the $80k range) are still supported. Manufacturers must adhere to ZEV regulations in many locations, and if they don’t produce enough EVs, they must contact an EV-only business like Tesla or Rivian to obtain a pass.
Should we really recognize a company’s sale of solely high-end vehicles—never anything affordable—as meeting any regulatory requirements? That was advantageous initially, but some manufacturers are now taking the easy route by delivering a few low-volume products to satisfy requirements and charging exorbitant costs for them. Just the “compliance car” reborn, but with additional zeros on the window sticker.
The majority of people still cannot afford an EV at all, and nothing is being done to achieve the goals of the subsidy, thus the purchasers of pricey gas vehicles shouldn’t be paying a portion of their neighbor’s EV price (an EV transition).
WHO IS SUCCESSFUL HERE? There are some firms who should be commended for doing morally.
GM is most likely the best example. The Bolt and Bolt EUV EVs are not only available at reduced prices, but they also have liquid cooling and a respectable range. Additionally, they are assisting Honda in getting their act together and are planning to offer better automobiles at more affordable pricing in the future (like the Equinox EV). They are really setting the pace for inexpensive EVs.
I would be remiss if I omitted to add Nissan as well. The LEAF has consistently been a less expensive choice, and it still is. Even the LEAF Plus has a respectable range. But because they took a crucial shortcut to get there, I wouldn’t group them with GM (air-cooled battery packs). Even so, it’s still a fairly functional EV that more people can afford for those who don’t live in the desert and just occasionally rapid charge.
Credit should also go to Volkswagen, Kia, and Hyundai for providing cheap vehicles with respectable performance and range. They are a little less reasonable than typical for new car prices, but still a little below what GM and Nissan have to offer. The low cost options from Mazda, Toyota, and BMW are also noteworthy, but they suffer from several severe flaws that prevent them from offering a good value.
However, nobody else appears to want to market reasonably priced EVs. Or, they have a plan to carry it out tomorrow, but in a more New Mexican sense (tomorrow is always in the future, and never really comes).
How do we travel there? I contend that attitudes are the primary force behind change. We must cease excusing firms from producing more than one or two pricey EVs. Unless they are a luxury company that doesn’t cater to that segment at all with their combustion vehicles, they’d better offer anything under $40,000 by the time they produce their second or third electric vehicle (even under another brand name). Starting in the high-end market makes sense, but staying there exclusively for all time doesn’t.
Manufacturers should be aware that their third pricey lux-o-barge will be made fun of by people like me and users of social media.
Public policy serves as the other lever. Reforms in areas like tax credits, which jolt complacent manufacturers into action, are already beginning to emerge. However, other areas like ZEV credits must also provide incentives for reasonably priced EVs.
Whatever we do, we must act now since broad EV adoption won’t occur while 50% of the population lacks the means to purchase one.
Futurama screenshot used to create the iconic “shut up and take my money” meme. proper use
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