Electric Vehicle Prices Continue to Drop in China as Europe Sees 28% Rise
Reporting from vehicle data analysis company Jato Dynamics indicates that the price of electric vehicles (EV) has dropped sharply in China but increased across Western countries over the past decade.
The data show that since 2011, the average price of a brand-new EV in China has dropped from 41,800 euros ($48,825) to 22,100 euros, down by 47%. Meanwhile, the average price in Europe has risen from 33,292 euros in 2012 to 42,568 euros in 2021, up by 28%.
China has made great strides to seize the leading position in the global EV industry over the past decade, and has invested heavily since 2009. At present, the Chinese government is gradually reducing consumption incentive policies, whereas in Europe, EV manufacturers are still highly dependent on government subsidies so that their cars can be affordable for local consumers.
SEE ALSO: BYD Delivers Tang EV in Norway, Initiating Plan to Enter European Market
The average price of EVs has also increased by 38% in the US over the past decade. Moreover, EV prices has risen by 52% in the UK, and 54% in the Netherlands during the same period.
The availability of low-cost EVs in the Chinese market is remarkable, with some domestic models selling at prices as low as 3,700 euros. In sharp contrast, consumers in Europe and the US have to spend at least 15,470 euros and 24,800 euros, respectively, when purchasing an EV.