Hyperdrive
Inflation Turns EVs Into Luxury Items, Threatening Broader Electric Shift
Tesla, Rivian and Ford have hiked sticker prices for their battery-powered models.
Traffic in San Francisco.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Electric-vehicle prices are going up at a dizzying pace these days. Tesla raised prices by as much as $6,000 per car this week. Rivian bumped up the ask on its battery-powered R1T pickup truck in March, while Ford hiked the sticker on the Mach-E.
Add it all up and an electric car now costs $61,000 on average, according to researcher Edmunds.com. That’s a lot of money when the average new-vehicle price — across all cars — has inflated to $46,000. And yet the buyers keep coming.