The EV market is under pressure. Federal tax credits have expired, U.S. sales have slowed, and prices remain out of reach for many buyers. Some automakers have already paused or cancelled EV models after losing billions.
Still, a new wave of electric vehicles could challenge the idea that this will be a bad year for EVs.
Major automakers are set to launch or relaunch around 30 EVs in the U.S. this year. While many are premium or luxury models — including high-end offerings from Ferrari and a controversial new coupe from Jaguar — a notable shift is happening at the lower end of the market.
Ten of those upcoming EVs are expected to start below $50,000, roughly the average price of a new car in the U.S. as of December. Four of the ten come from a joint venture between two major Japanese automakers, signaling a coordinated push toward affordability.
“The price for EVs has been too high,” said Kevin Roberts, director of market intelligence at CarGurus. “As you see more practically priced EVs, that’s where you’ll see growth in demand.”
These more affordable models may determine whether lower prices alone are enough to reignite interest in electric vehicles — or if broader concerns around charging, incentives, and value will continue to weigh on the market.