EVs Are Too Expensive: 5 New Affordable Models Coming Soon

As electric vehicle prices soar, several car manufacturers are launching more affordable models. Upcoming releases from Tesla, Ford, Volvo, Kia, Chevy, VW, and Rivian promise to address the affordability issue, with prices starting as low as $22,000.

Electric Vehicle Demand Drops Amid High Prices; Affordable Models on the Horizon from Tesla, Ford, and More

In recent months, the demand for electric vehicles has decreased due to a scarcity of more affordable alternatives. As a result, car manufacturers are currently in a state of panic as they attempt to create more affordable EVs.

According to Edmunds data (via Business Insider), the average transaction price of an electric vehicle (EV) in 2023 was $61,702, while the average transaction price of other cars was $47,450.

The affordability disparity discourages prospective electric vehicle purchasers, as some instead elect to purchase hybrid vehicles, which are generally less expensive than fully electric ones.

Fortunately for these consumers, various reasonably priced electric vehicles will be introduced in the coming years. Tesla and Ford, two significant players in the automotive industry, are indicating that they will introduce more affordable models to complement those offered by Nissan and Mini.

Some additional new affordable electric vehicle options that are forthcoming include:

Volvo EX30

The Volvo EX30 will arrive in the United States this summer and will be priced at a competitive $35,000.

The EX30 can accelerate from 0 to 60 mph in under four seconds and has an estimated range of 275 miles.

One Volvo sales manager referred to it as a "game-changer," stating to Reuters that his dealership had already received deposits for each EX30 they anticipate receiving.

Additionally, Volvo's most recent model boasts a technologically advanced and fashionable interior, as Business Insider discovered during our exclusive preview last year.

Kia EV3

Kia and its South Korean parent company, Hyundai, experienced a significant increase in sales in the United States this year as they capitalized on the demand for more affordable electric vehicles.

Kia intends to capitalize on this opportunity by introducing the EV3, a compact electric SUV with a range of 373 miles that can be recharged from 10% to 80% in just 31 minutes.

The EV3 is anticipated to be delivered in Korea and Europe later this year at approximately $35,000.

However, US customers will have to wait a bit longer. A spokesperson for the company verified with BI that the EV3 would be available in the United States, but they did not specify a specific date for its release.

Chevy Equinox and Bolt

Chevy, a sub-brand of General Motors, intends to introduce a new line of electric vehicles in the years ahead.

The company has also established a goal of producing more affordable electric vehicles. In May, Chevrolet introduced the Equinox EV, priced at $43,295. The company is also preparing to release a $35,000 version of the 319-mile range electric crossover later this year. This version could be sold for less than $30,000 due to the $7,500 federal tax credit for US-made EVs.

Additionally, Chevy intends to resume production of the Chevy Bolt, previously the most affordable electric vehicle in the United States, following its cessation of production in December last year.

The automaker has announced that the new Bolt will be available next year and the "most affordable" EV on the market, with a suggested retail price of under $30,000.

VW ID. 2all
VW, the German automaker, has ceased its efforts to collaborate with Renault, its European competitor, to develop affordable electric vehicles. Instead, VW intends to operate independently.

The company announced in May that it intends to manufacture electric vehicles (EVs) at a price of approximately 20,000 euros ($22,000) by 2027.

VW unveiled its ID. 2all battery-powered hatchbacks last year as a preliminary measure toward this objective. It anticipates that the product cost will be 25,000 euros ($27,000) or less when it is put into production in 2026.

Nevertheless, consumers in the United States who anticipate purchasing one will be disappointed. At the time, a Volkswagen spokesperson informed BI that the company did not intend to introduce this model to the United States.

Rivian R3

In March, RJ Scaringe, the founder of Rivian, executed a "one more thing" a la Steve Jobs by introducing two new, affordable electric vehicles.

The Tesla competitor has unveiled its R2 SUV, which is anticipated to be priced at $45,000 when deliveries commence in early 2026. This represents a substantial improvement over the R1S, priced at $75,900.

The reduced sticker price will allow Rivian to compete with Tesla in the mass market.

Nevertheless, the R3—which Scaringe also unveiled in March—captured people's attention.

The company has confirmed that the R3 will be priced lower than the R2 and that deliveries will commence after 2026, although they have not disclosed many additional details about the new vehicle.