With gas prices at a record high and new electric vehicle (EV) models being introduced all the time, it is safe to say our electric vehicle future is approaching more rapidly than ever. But what about those who want to electrify their ride and can’t quite afford to? In this post we will discuss what one automaker is calling an impending “EV price war” in pursuit of more affordable offerings, and what else we believe is needed to make EV driving truly accessible to all.
EV Price War
At a conference earlier this month, Ford CEO Jim Farley said the global auto industry will be facing a major EV price war in the coming years as costs fall and multiple automakers begin to sell EVs priced around $25,000 — in a move he says will “democratize EVs.”
I don’t know about you, but I find this very exciting!
Up until now, EVs have been priced to reflect the relatively high costs of production, including significant battery and charger costs, as well as more time and labor required to assemble than gas-powered cars.
But all of that is changing.
With new battery technologies that utilize fewer precious metals, greatly reduced distribution and marketing costs, and what Farley calls a “radical simplification” in design that will streamline labor – among other factors – a more affordable, accessible EV is on the horizon.
In fact, we are already beginning to see the beginning of this EV price war, as earlier this month, GM announced that the price of the Chevrolet Bolt would be cut to $26,595, making it the cheapest electric vehicle in the US, followed closely by the Nissan Leaf.
What Else is Needed?
While we are encouraged that we will see more affordable EVs in the coming years, achieving accessibility in transportation electrification will not happen without other big changes.
A consumer on a limited budget can buy an affordable EV, but without local, accessible, and wallet-friendly charging infrastructure, they won’t get very far. Literally.
And that’s where EVmatch comes in.
With our growing nationwide peer-to-peer charging network, we make it possible for EV drivers to have more charging options, wherever they go. As more EV drivers come on the road, the demand for charging infrastructure will increase—and as a nation, we are already behind the curve.
In a recent article on the EVmatch blog, we shared recent data indicating that the U.S. has over 100 EVs on the road per every available fast charger. President Biden’s recent infrastructure law includes $7.5 billion to build out a national network of 500,000 EV chargers, including in rural areas.
This is a great step in the right direction, but frankly, it’s not enough.
EVmatch Offers Solutions
With accessibility at the top of mind, EVmatch is working on practical solutions that put chargers where people live, work, and play.
We work with apartment and condo owners and managers to install affordable and durable charging stations on their properties, for use by their residents and members of the public.
We help business owners and offices provide EV charging as an amenity to their employees and customers—with the option to earn extra revenue along the way!
We help property owners rent out their home chargers when they are not in use so they can help out fellow EV drivers in their community and earn some money, too.
Recently, we also added vacation rental capabilities to our platform to help meet the growing demand for EV charging at vacation and other short-term rentals.
It is certainly a very exciting time for current EV drivers and those who are in the market. But impending EV price war or not, it is critical that we work together to ensure that our charging infrastructure grows to meet the needs of our drivers, and soon. We at EVmatch are doing all we can to make sure this happens.