The sale of EVs in the US has faced some pushback, especially as consumers have condemned its exorbitant cost. While countries like Norway have a fast-growing EV market, the US EV market is still grappling with acceptance as most drivers are reluctant to buy electric cars over their upfront cost.
As a result, most US states have provided incentives for EVs, prompting consumers to purchase them instead of gas-powered cars. Also, in a bid to boost the sales of EVs, Tesla recently reduced the costs of some of its most popular models.
These include the Tesla Models Y, S, and X vehicles. According to Electrek, the EV-producing company slashed the prices by $2000 in the United States. Before Tesla cut the prices of the EVs, it announced a discount on the highly sought-after Model Y.
According to a report from Reuters, Tesla lowered the cost of the Model Y vehicle by nearly $1000. Furthermore, the company reduced the Model Y rear-wheel drive cost to $42,990. However, considering the existing federal initiatives and the recent Tesla price slash, consumers can purchase a Model Y Tesla for as low as $35,000.
“Teslas are now cheaper than the average new car,” Electrek wrote, citing the change. Although the US has not fully adopted EVs, several states have pushed for its total adoption to reduce emissions. California, which has been at the forefront of EV adoption, has also pushed for the adoption of Semi-trucks in the state.
Aside from being suitable for the climate by reducing greenhouse gas emissions, EVs, unlike gas-powered cars, cost less to maintain. Although gas-powered cars cost less upfront than electric vehicles, they cost more to maintain. With the skyrocketing inflation in the US, a trip to the pump costs more than EV charging.
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Also, while gas-powered cars need oil changes and expensive regular maintenance, EVs require less costly maintenance. Considering the long-term cost of maintaining a gas-powered car, EVs have always been a better choice for consumers. Yet, the upfront cost has always been the issue.
Tesla’s price slash has made these cars more affordable, almost as low as their gas-powered counterparts. As a result, more drivers can adopt electric vehicles. According to the US Department of Energy, driving an EV has several appealing benefits, including improved energy security.
As the number of EV drivers in the US increases, experts say that hybrid EVs, plug-in hybrid EVs, and battery EVs are the best long-term alternatives to gas-powered cars. Hence, Tesla’s price cuts and business efforts are a nudge in the right direction.
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In its push for adoption, California has also approved a $1.9 billion investment plan for EVs. The plan, which the state Governor, Gavin Newsom, recently approved, will create over 40,000 new chargers across the state. Furthermore, the state’s Clean Transportation Program is set to use 50% of the funding to make the air cleaner for Californians.
As more automakers invest in the EV sector, consumers are now provided with more affordable alternatives. With Tesla’s price cuts and the federal tax incentives in place, EV prices may keep falling, becoming more affordable for consumers.
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