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Electric Vehicles Will Become More Expensive. Experts Worry That Price Increases Will Delay the Growth of the Electric Car Market
The electric vehicle market is constantly expanding, with billions in investments worldwide, with Tesla as the market leader. A major issue in the segment is the high price, with electric cars sometimes being more expensive than gasoline cars. If it is already expensive abroad, in Brazil, the wallets of consumers suffer even more.
Electric Car Prices Are Increasing
Companies like Tesla, Rivian, and Cadillac are raising their product prices. The main reasons are changes in the global vehicle market situation and rising costs of the commodities needed to manufacture essential components of EVs.
In recent years, the price of electric vehicle batteries has been declining, but this situation may change soon. Experts project a significant increase in demand for minerals essential for battery construction. If the forecast holds true, batteries could become up to 20% more expensive.
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Electric vehicle manufacturers are already increasing their product prices, making it even more difficult for the lower-income population to acquire electric cars. Because of this, there is concern that this price increase scenario may hinder the democratization of electric vehicles.
Tesla Raises Prices
Billionaire Elon Musk’s company has had to increase vehicle prices several times in recent months. A large number of Teslas today are significantly more expensive than at the beginning of last year.
The cheapest “Standard Range” version of the Model 3, the company’s most accessible vehicle, now has a starting price of US$ 46,990 in the US, a 23% increase from the US$ 38,190 it sold for in February 2021. Even so, Tesla holds 75% of the electric vehicle market.
GM reported last month that it expects commodity prices to cost around US$ 5 billion for the company. This number is double what the company initially predicted. Ford’s flagship vehicle is the F-150 Lightning, which the company has kept prices stable for in the United States. However, the company has made it clear that it is subject to increases due to commodity prices.
How Much Does a Tesla Cost in Brazil
In the country, buying a Tesla vehicle is still quite bureaucratic and expensive. Since Elon Musk’s company does not have factories in the country, the only way is through Direct Imports, significantly raising the vehicle’s price. Taking various factors into account, a Tesla electric car costs between R$ 500,000 and R$ 2 million in Brazil.
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