December 2, 2020

Demystifying the perception that Electric Vehicles (EVs) are more expensive than gasoline-powered cars

In the past three decades, the industrial revolution introduced the revolutionary vehicle technology, the EV, to the transportation industry. At first, most consumer markets remained hesitant to adopt electric vehicles and replace them with their fossil-fuel-powered vehicles. Many customer segments preferred to maintain their gas-powered cars because many people heard about the industry’s brand-new product. The rest of the market perceived that the electric vehicles’ pioneer users were in the high-end consumer segment. 

Many market research experts interviewed vehicle owners in sampled consumer markets, and the response was the same. An in-depth examination of the perception reveals that pioneer electric-automakers spent considerable investments developing the vehicle technology that seemed ahead of its time. Electric vehicle manufacturers said that the cost of materials and production contributed to the finished product’s high pricing. However, 30 years down the lane and numerous technological advancements continue to develop innovative modules and architecture for electric automobiles. 

Manufacturers of EV continue to improve their electric car models that utilize locally available materials to reduce production cost and the overall retail price for the automobiles. Recently, a developer of EV battery technologies unveiled the first-ever production process that harnesses the power of emerging technologies such as Artificial Intelligence. Utilizing AI in the production line optimizes the machines and systems used in the process. The batteries technology encourages electric-automakers to improve their vehicle systems to accommodate the electrical charge for powering the automotive. 

The developments strengthen the claims that experts said about EVs being less expensive than most cars that use gasoline or diesel. Most consumers thought that the claims were a marketing strategy to convince them to purchase the products. Market researchers now announced that the industry was not scheming people of their hard-earned cash. Companies in the electric car business continue to roll-out plans that demystify the wrong notions. 

A recent study published consumer reports that indicate the strategies that the most popular car brand manufacturers employ to introduce less expensive electric cars with longer lifespans. A comparison of cars in the same class category reveals EVs’ prices, costing less than $50,000. Analysts said that prices drop between $6,000 and $10,000 compared to their counterpart vehicles with Internal Combustion (IC) engines. Tesla, an electric car manufacturer, based in the United States, released new models that are relatively cheaper than most fossil-fuel-powered cars. In summary, the consumer reports ranked Tesla’s Model 3 as the top EV that gives car owners the value for their money. The luxury car’s entry-level price saves up to $15,000 compared to the BMW 330i and the Audi A4.