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Who says electric vehicles are too expensive? New data shows EV prices are nearly the same as gas-powered vehicles. The gap has closed significantly in recent months with new discounts and competition.

EV prices are closing in on gas-powered vehicles

According to Cox Automotive, the average transaction price for an EV was $50,798 at the end of 2023.

Compared to the average gas-powered vehicle at $48,759, EV prices are within $2,040 of closing the gap. Tesla led the way after slashing prices all year.

Tesla’s Model Y and 3 hit their lowest prices ever in October. A new RWD Model Y, starting at $43,990, brought the average down even further as Tesla’s cheapest electric SUV in the US. The Dual Motor AWD and Long Range versions are $48,990 and $52,490, respectively.

With an average transaction price of $50,051, Tesla is slightly below the industry average and within $1,300 of the average gas-powered vehicle.

Tesla delivered over 484,000 vehicles during the last three months of 2023 to hit its goal of handing over 1.8 million EVs last year.

EV-prices-gas-powered
(Source: Tesla)

The EV leader is facing more competition, with automakers like Hyundai and Volvo launching competitive electric models. Hyundai sold nearly 47,000 IONIQ 5 and IONIQ 6 models last year.

Hyundai’s IONIQ 5, starting at $42,985, is one of the most complete electric SUV packages available. With up to 303 miles range and fast charging (10% to 80%) in as little as 18 minutes, the IONIQ 5 is gaining ground.

EV-prices-gas-powered
Average EV transaction prices vs gas-powered vehicles (Source: Cox Automotive)

Other electric SUVs like the Ford Mustang Mach-E ($42,995), Toyota bZ4X ($42,000), and Nissan Ariya ($43,190) start below the average.

Meanwhile, new electric models, like Volvo’s EX30, starting at $35,000, will bring the average down further in 2024. With 70 new electric vehicles launching over the next two years, EV prices are expected to continue falling.

Hyundai-IONIQ-5-deal
2023 Hyundai IONIQ 5 (Source: Hyundai)

EV inventory also remains above the industry average. After increasing 92% last year, EV inventory averaged 113 days’ supply at the end of 2023. ICE vehicle inventory was 69 days’ supply.

Cox Automotive says we will bid farewell to the seller’s market in 2024. The online auto platform predicts slow growth ahead for the US auto industry with lower consumer spending.

Electrek’s Take

Will 2024 be the year EV prices reach parity with gas-powered vehicles? It could be close. Then again, with EV adoption climbing, ICE vehicle prices could fall further.

Either way, the misconception that EVs are too expensive seems overblown. With new affordable models hitting the market this year and discounts expected to continue, average EV prices will likely continue falling further in 2024.

Cox Automotive data suggests that EV market share will reach 10% this year and 15% in 2025 as adoption climbs.

Source: Cox Automotive

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Loren McDonald stops by Quick Charge to discuss EV charging, Paren, and more

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Loren McDonald stops by Quick Charge to discuss EV charging, Paren, and more

Leading electric vehicle analyst, author, and industry thought leaders Loren McDonald and Bill Ferro stop by Quick Charge to discuss EV Adoption’s acquisition by Paren, the “crisis” of EV charging reliability, and the real state of the EV market.

Depending on who you listen, EVs are either driving brands to record growth and are about cross that critical 10% of the overall market nationwide, or the future is bleak, the market is down, and EVs just aren’t selling. What’s really going on? Loren and Bill (probably) have some answers.

Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations site wide. Click here to learn more.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show!

Read more: All my favorite EVs, racecars, and robots from Electrify Expo Austin.

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Chevy EV owners in Texas now get free overnight home charging with Reliant

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Chevy EV owners in Texas now get free overnight home charging with Reliant

Chevy EV owners in Texas who have Reliant as their electric utility can now charge for free at night with renewable energy.

Over 150 Chevrolet dealerships across Texas are now offering the Reliant Free Charge Nights plan to new EV buyers. With Free Charge Nights, customers can offset their charging costs by receiving credits for electricity used between 11 pm and 6 am. The plan is powered entirely by renewable energy, thanks to the purchase of renewable energy certificates (RECs).

Rasesh Patel, president of NRG Consumer, says the plan is about making power personal: “We’re excited to help Chevrolet EV drivers offset the cost of charging their vehicle all while having access to a renewable electricity plan.”

This collaboration aims to make EV adoption more appealing by making charging cheaper and greener. GM Energy’s chief revenue officer, Aseem Kapur, emphasized that partnerships like this help build the ecosystem needed to support an all-electric future: “The Reliant Free Charge Nights plan is a great example of how an automaker and an energy company can work together to make EV adoption an easy decision.”

Existing Reliant customers can also sign up for the Free Charge Nights plan. To get started, Chevrolet EV owners need to designate their vehicle on the GM Energy Smart Charging Portal before enrolling in the plan.

Reliant Energy, a subsidiary of NRG Energy, serves over 1.5 million customers in Texas, making it one of the largest electricity providers in the state.

Read more: Texas to get 1 GW AI-powered virtual power plant, enough to power 200,000 homes


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Texas to get 1 GW AI-powered virtual power plant, enough to power 200,000 homes

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Texas to get 1 GW AI-powered virtual power plant, enough to power 200,000 homes

Texas is about to get a major power boost – a new AI-powered virtual power plant (VPP) delivering capacity equivalent to 200,000 homes during peak demand.

NRG Energy is teaming up with Renew Home to bring nearly 1 gigawatt (GW) of capacity to the Texas grid by 2035, aiming to make it more resilient while helping residents save on energy costs.

The new VPP will rely on hundreds of thousands of smart thermostats and other connected home devices, making use of AI technology provided by Google Cloud. These devices, like Vivint and Nest smart thermostats, will be offered to eligible customers at no cost. By automating HVAC adjustments, they help shift energy use to when electricity is cheaper, cleaner, and less strained.

NRG and Renew Home have big plans for the VPP. Starting in spring 2025, the companies plan to roll out the program across Texas, installing these smart thermostats in homes served by NRG’s retail electricity providers. Eventually, they plan to add home battery storage and EVs to expand the power plant’s capabilities.

Texas has faced record-breaking energy demands, with peak usage hitting 85 GW in 2023. As the state’s population grows and extreme weather becomes more frequent, VPPs like this one could play a key role in stabilizing the grid. VPPs aggregate a lot of small-scale energy resources, from smart thermostats to home batteries, and use them to help balance supply and demand during times of high stress on the grid.

This nearly 1 GW VPP will be one of the largest of its kind in Texas. NRG’s president of consumer operations, Rasesh Patel, calls it a “pivotal step” for improving customer experience while making Texas’ energy infrastructure more sustainable and resilient.

In addition to Renew Home, NRG is working with Google Cloud to maximize the power plant’s effectiveness. Google Cloud’s AI and analytics tools will help predict weather conditions, forecast renewable generation, and optimize energy usage, all of which will help make energy management smoother for both customers and the grid.

Ben Brown, CEO of Renew Home, said:

NRG’s commitment to creating a more resilient and sustainable energy future while also making electricity bills more affordable makes them an ideal partner for co-developing this unique VPP program.

This initiative raises the bar for future-proofing our electricity infrastructure and delivering cost savings to customers.

Read: Chinese solar giant Trina sells its Texas factory a week after it opens


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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