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EVs have an affordability problem.
The average transaction price for an EV in 2023 will be $61,702, compared with $47,450 for other vehicles, according to Edmunds data.
This affordability gap appears to be deterring many would-be EV buyers, with some opting instead for hybrids, which are typically cheaper than fully electric vehicles.
Fortunately for these consumers, more affordable electric vehicles should be available in the coming years, with major manufacturers like Tesla and Ford teasing cheaper models to join manufacturers like Nissan and Mini that already offer lower-cost options.
Other new affordable EV options coming soon include:
Volvo EX30
The Volvo EX30 will go on sale in the US this summer. John Keble/Getty Images
The Volvo EX30 is scheduled to arrive in the US this summer. Competitively priced at $35,000.
The EX30 has an estimated range of 275 miles and can accelerate from 0 to 60 mph in under four seconds.
One Volvo sales manager described it as a “game changer.” He told Reuters His dealer had already received a deposit for each EX30 he was due to receive.
Volvo’s latest model also boasts a stylish design and high-tech interior, as Business Insider’s review of the car revealed early last year.
Kia EV3
Kia EV3. Josh Lefkowitz/Getty Images
Kia and its Korean parent company Hyundai US sales surge this year As demand for more affordable EVs grows, they will be profitable.
Kia plans to capitalize on that with its EV3, a compact electric SUV that has a range of 373 miles and can charge from 10 to 80 percent in 31 minutes.
Deliveries of the EV3 are scheduled to begin in South Korea and Europe later this year. It is expected to cost about $35,000..
But US customers will have to wait a little longer: A company spokesperson confirmed to BI that the EV3 is coming to the US, but didn’t say when it might be available.
Chevrolet Equinox and Volt
Chevrolet Equinox. Anadolu/Getty Images
GM’s sub-brand Chevrolet aims to launch a lineup of new electric vehicle models over the next few years.
The company is also targeting more affordable EVs: Chevrolet’s $43,295 Equinox EV went on sale in May, and later this year a $35,000 version of a 319-mile electric crossover is due out, which could sell for under $30,000 thanks to a $7,500 federal tax credit for American-made EVs.
Chevrolet is also relaunching what was once America’s cheapest electric vehicle, the Chevy Bolt. Production stopped Last December.
The automaker said the new Bolt will be available next year. The most affordable EV on the market — List price is expected to be under $30,000.
VW ID.2all
Volkswagen ID.2all concept car. Picture Alliance/Getty Images
German car manufacturer VW Abandoning plans to build affordable EVs Last month, it announced it would partner with European rival Renault and become independent in the future.
The company said in May it plans to produce an EV priced at about 20,000 euros ($22,000) by 2027.
As a step toward that goal, VW last year unveiled the ID.2all, a battery-powered hatchback that the company expects to cost less than 25,000 euros ($27,000) when production begins in 2026.
But U.S. customers hoping to buy the car will be disappointed: A VW spokesperson told BI at the time that there were no current plans to bring the model to the U.S.
Rivian R3
Rivian R3 crossover SUV. Elliot Ross Studios
Rivian founder RJ Scaringe pulled off a Steve Jobs-style “one more thing” when he unveiled two affordable EVs in March.
The Tesla rival has unveiled its R2 SUV, which is expected to start at $45,000 when deliveries begin in early 2026, making it a significant upgrade from the R1S, which currently starts at $75,900.
This low price will enable Rivian to compete with Tesla in the mass market.
However, it was the R3, announced by Scaringe in March, that really caught everyone’s attention.
Few details about the new vehicle have been released, but the company says the R3 is Cheaper than R2and delivery begins. 2026 and beyond.