Is demand for affordable electric vehicles low?
Look at the increasing interest in future models like the Chevy Equinox EV and its 200,000+ “handraisers” or the Fisker Pear or the Volvo EX30, all of which will be available for well under $40,000, and you’d be wrong to say that electric cars are inherently a premium priced market, or something like that Electric vehicles under $40,000 may not be profitable.
EV sales have more than broken even this year a third of the US luxury market, while they account for less than 2% of the non-luxury vehicle market, according to a recent survey by the US EIA, citing data from Wards. There is a “Lack of mass market” This is deterring potential EV buyers, as JD Power recently pointed out. This is a decision made by automakers because it is simply more difficult to develop lower-cost, profitable electric vehicles with lasting appeal.
2022 Mazda MX-30 EV
Yes, you can drive electric without paying much more than you would for an equivalent gasoline model. There aren’t many options at the moment, but there will be more soon. Check out this list of five cheapest new electric vehicles in the US to get a taste of what’s here right now (except for the Mazda MX-30 EV, which has already given up its cards), and then look at what’s coming very soon in 2024 and a little later in 2025 .
In several cases in recent years, automakers have shied away from offering the electric vehicle price guides they initially built hype around. Examples of this include Tesla’s elusive ones $35,000 Model 3– finally delivered – and the Volkswagen ID.4 that was supposed to be price-wise compared to the Toyota RAV4 and Subaru Forester).
Will the following examples that arrive in the next few years possibly deliver what they announced and in some cases confirmed?
Prices include destination charges where possible and do not include any possible tax credits or rebates.
Affordable electric vehicles will hit the market in 2024
2024 Chevrolet Equinox EV
Chevrolet Equinox EV
With a base price of $34,995 and an expected EPA range of about 300 miles in the base version, the Chevy Equinox EV seems to be a real deal. And that’s before the $7,500 tax credit that’s expected to take effect later in the year. Those looking for the best deal may have to wait months anyway, as the “satisfied” 2RS versions initially hitting the market start at $48,995 with front-wheel drive and $53,395 with all-wheel drive.
2024 Fiat 500e
Fiat 500e
After several model years with a focus on Europe, the Fiat 500e returns to the US market in the first quarter of 2024. With a curb weight of just over 3,000 pounds, the two-door, four-passenger 500e remains sleek and zippy—and that includes no more battery than you might need for full-size cars. City commutes. Its 42 kWh battery provides an EPA-rated range of 149 miles, and you can charge it from zero to 80% in 35 minutes (120 mile range), so you may want to look at other vehicles for longer road trips.
2025 Mini Cooper electric hatch
Mini Cooper Electric
Mini has not yet released details in the US about the new generation of its electric Mini models, which have been expanded to include a choice electric versions of the Mini Cooper Hatchback and Mini Countryman crossover. Both are expected to launch later in 2024 as 2025 models, with more range, slightly more interior space and an all-new circular screen interface. Until then, the current 2024 Mini Cooper SE remains a bargain at $31,895 if two doors and a 114-mile range are just fine.
2025 Volvo EX30
Volvo EX30
Yes, Volvo has one of the most affordable electric vehicles for the US market, with deliveries starting in mid-2024. In US version with an EPA-rated range of 275 miles 2025 Volvo EX30 Pricing starts at just $36,245 and all versions of the EX30 feature an extensive suite of active safety items. Top versions with Harman Kardon audio, panoramic roof and upgraded wheels barely break the $40,000 mark, and AWD Ultra versions round out the range for less than $48,000.
Affordable electric vehicles will hit the market in 2025
2022 Chevrolet Bolt EUV
Chevrolet Bolt EUV
GM’s best-selling electric vehicle, its cheapest model and a vehicle whose dealers had less than 10 days of inventory for most of the year, was pulled from the market. And it will be more than a year before an updated (and probably more profitable) version appears in calendar year 2025.
The outgoing Chevrolet Bolt EV and Bolt EUV are no longer in production, but at the time of writing there is still plenty of supply at dealers for at least the next month or two. Now it is New generation Bolt EUV will be the first GM electric vehicle in the US to combine its Ultium powertrain with lithium iron phosphate (LFP) battery chemistry.
Fisker pear
Fisker pear
Fisker has announced much more than just the typical small car package with its upcoming model Bulb EV, a compact crossover that seats five or six passengers (the latter with a front bench seat), a fold-flat lounge mode, a “Houdini trunk” that slides down into the floor for easier loading, and a huge 17 .7-inch infotainment screen. Fisker is targeting a base price of $29,900 without incentives, with the base versions offering about 180 miles of range and the larger package versions offering 320 miles of range. It will probably be built in Ohio.
Kia EV3 concept
Kia EV3 concept
Kia EV4 concept
Kia EV4 concept
Kia EV3 and EV4
Kia already sells this Niro EV, and while it’s a good compact urban electric vehicle with an impressive 253 mile range (EPA rating), it’s definitely not cheap or particularly good value for money. The 2024 Niro EV starts at $40,925 and is not eligible for the electric vehicle tax credit.
However, in October, Kia made it clear that the company hasn’t forgotten about affordable electric vehicles and presented it in the form of a stylish concept EV3 hatchback and EV4 sedan Models. Kia showed both at the recent LA Auto Show and said that at least one of them will be heading to the US, but has given no further clues as to which model it might be.
Nissan Chill-Out Concept – December 2021
Nissan Leaf
A Next generation Nissan Leaf is coming, and it is one of several new electric vehicles coming to market in 2025. While the next-gen Leaf is likely directly inspired by it Nissan’s chill-out conceptwill be a little more upscale in terms of look and feel and possibly become a little more of a crossover, we expect it to remain affordable.
Tesla has announced $25,000 for Battery Day 2023
Tesla Model 2
The Texas-based electric vehicle maker has opted for a smaller, cheaper Tesla — sometimes called the Model 2 — so often that it’s difficult to remember which side of the news cycle we’re on.
However, the greatest certainty came last year when Martin Viecha, the company’s head of investor relations, went over Tesla’s plans for the next five years and emphasized that a cheaper Tesla was necessary to become a high-volume global automobile manufacturer.
Whether the Model 2 actually hits the market in 2025 could depend heavily on several things – whether Tesla moves forward with its preliminary plans for a factory in Mexico and whether it manages to find a way to implement the revenue-generating and value-adding measures of Robotaxi, that the company has touted while sharing some of the costs.
Toyota bZ compact SUV concept
Toyota bZ compact SUV
Toyota hasn’t officially announced any new affordable electric vehicle below its bZ4X, which starts at around $43,000. Although with that bZ compact SUV concept As shown at last year’s LA Auto Show, Toyota dropped some hints that a smaller, sportier, and probably more affordable electric powertrain was in the works. While the 2025 timeline is still strictly possible – and unconfirmed for the US – an updated urban SUV concept just shown for Europe earlier this month suggests the development is in the global pipeline automobile manufacturer continues.
Vinfast lineup for CES 2024
Vinfast VF 3
Vietnam’s Vinfast has chosen to start its U.S. lineup with the higher end VF8 crossover And three-row SUV VF 9. But since the experience doesn’t yet match premium pricing, the company could get a lot more positive attention by focusing on a high-value area of the market that simply isn’t well represented today – like subcompact SUVs. With the VF 3 electric SUV, Vinfast has recreated the exterior of a Suzuki Samurai (Jimny) or Geo Tracker and made the interior much more car-like.
If it’s any indication, Vinfast has said that the VF 3 will be shown at CES next month. Would you consider the idea at around $20,000 or less?
