• News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Tuesday, October 21, 2025
  • Login
Auto Journal Africa
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Ask Autojorunal AI
No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
No Result
View All Result
Morning News
No Result
View All Result
Home Electric Vehicles

Electric vehicles now nearly as affordable as fossil fuel cars

...Tesla Model Y 25% cheaper than last year

David Ijaseun by David Ijaseun
March 22, 2024
in Electric Vehicles
0
Price of electric vehicles
694
SHARES
17k
VIEWS
Share on FacebookShare on Twitter

The electric vehicle (EV) market is experiencing a seismic shift, especially in the United States, with EVs now available in a variety of models. As EVs gain popularity, they are also becoming more affordable and accessible. According to recent data, there are currently 57 electric vehicle models for sale in the U.S., with Tesla leading the pack but facing stiff competition from new players in the market.

“While Tesla remains popular, the influx of new electric car manufacturers has intensified competition, leading to a significant drop in prices,” says industry expert Stephanie Valdez Streaty, Director of Industry Insights at Cox Automotive.

READ ALSO

BYD recalls over 115,000 vehicles for design, battery safety flaws

Driver dies in Xiaomi EV fire, shares dive over 8%

One of the most notable changes is Tesla’s aggressive pricing strategy. The price of Tesla’s Model 3 sedan, for example, has fallen from $47,000 in early 2023 to just $38,990 today. Similarly, the Model Y Performance has seen a price drop from $70,000 to $52,500. These price reductions have forced other automakers to follow suit, resulting in across-the-board price cuts in the EV market.

Price of electric vehicles and fossil fuel cars [pashingtonpost.com]
Price trends of vehicles in the U.S. [washingtonpost.com]
The decreasing prices of electric cars are narrowing the gap with their gas-powered counterparts. Just two years ago, consumers would have paid an average of $17,000 more for an electric car than for a gas-powered one. Today, that gap has shrunk to less than $5,000, according to Cox Automotive data.

Last month alone, in February 2024, the average price of electric vehicles dropped by $2,000, a significant decrease that reflects the current market dynamics. Dealerships are keen to move inventory and are offering discounts to entice buyers. “We’re going to continue to see price cuts or discounts just because there’s inventory, and [dealers are] trying to get these sold,” noted Valdez Streaty. This trend is encouraging news for consumers interested in purchasing a new car, particularly those considering the switch to electric vehicles.

“The rapid decline in EV prices is a response to slower-than-expected consumer adoption,” Valdez Streaty added. “To stimulate sales, dealerships are offering discounts, making electric cars more attractive to prospective buyers.”

Despite the current trend, the long-term outlook for EV prices is optimistic. Falling battery prices, which account for up to 40% of a vehicle’s cost, are driving down the overall cost of electric cars. With batteries nearly 90% cheaper today than in 2008, experts predict that the cost of manufacturing an EV could equal that of a gas-powered car as soon as 2027.

“Price parity is a key factor in accelerating EV adoption,” says Valdez Streaty. “As prices continue to drop, more Americans may consider making the switch to electric vehicles, ultimately driving the market forward.”

Read more on Boston Consulting Group study reveals why US Automakers lose $6,000 per EV sold for $50,000

Tags: Headlineheadline headline

Related Posts

BYD
Electric Vehicles

BYD recalls over 115,000 vehicles for design, battery safety flaws

October 20, 2025
Xiaomi electric vehicle
Electric Vehicles

Driver dies in Xiaomi EV fire, shares dive over 8%

October 14, 2025
Tesla and Lucid
Electric Vehicles

Lucid Motors gains ground as Tesla’s model S loses shine after 12 years

October 13, 2025
Volvo Ex90 EV upgrade
Electric Vehicles

Volvo offers free upgrades to EX90 owners in move to win back trust

October 13, 2025
Hyundai Motor Company
Electric Vehicles

Hyundai announces global vehicle overhaul in $2.7bn EV push

October 13, 2025
Cadillaq Optiq-V
Electric Vehicles

Cadillac’s new electric SUV sets benchmark with Tesla-compatible charging

October 13, 2025
Next Post
Uber in South Africa

New minimum wage: Uber, Lyft's exit leaves 10,000 workers jobless in Minneapolis

POPULAR NEWS

Inferno at Toyota 1000 Desert Race consumes 49 cars

Inferno at Toyota 1000 Desert Race consumes 49 cars

July 3, 2023
Mobius Motors

Mobius Motors: Rising taxes, competition ends Kenyan SUV maker’s journey

August 7, 2024
Autojournal car race

Get ready for the biggest RACE show this December in Nigeria

August 12, 2024
From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

October 25, 2024
Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

August 22, 2023

EDITOR'S PICK

Morocco Israel car export

Israel to import Moroccan cars as trade hits $8.5 billion

October 1, 2024
Rising vehicle prices, e-application, boost demand for auto-financing

Rising vehicle prices, e-application, boost demand for auto-financing

March 30, 2023
Blackstone Infrastructure acquires Safe Harbor Marinas

Blackstone expands leisure portfolio with $5.65bn Safe Harbor Marinas deal

February 27, 2025
Air India tragedy reignites global push for cockpit video recorders

Air India tragedy reignites global push for cockpit video recorders

July 17, 2025

About

Auto Journal Africa is the leading online and print magazine for automobiles in Africa.

Follow us

Recent Posts

  • Assembling a Brighter Future: How Nigeria could build a thriving auto industry, save foreign exchange
  • Carmakers rush to secure rare earth elements as China tightens controls
  • Japan calls for delay in Vietnam’s motorbike ban
  • Nigeria police recover two luxury cars stolen from the Netherlands

Links

  • Privacy Policy
  • About Us
  • Contact Us
  • News
  • Reviews
  • Events
  • Tools
  • For Sale

© 2023 Auto Journal

No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa

© 2023 Auto Journal

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In