Hyperdrive
EVs Now Average Over $60,000 as Tesla, Rivian, Ford Raise Prices
- Gasoline-price shock spurs demand while material costs mount
- EVs shoppers tend to have higher incomes to absorb price bumps
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With gasoline prices in America topping $5 a gallon for the first time, the one vehicle that can alleviate pain at the pump -- an electric car -- is experiencing its own bout of runaway inflation.
Automakers pressed by consumer demand and rising material costs are charging more for electric vehicles across the board. Market leader Tesla Inc. is boosting sticker prices by as much as $6,000 a car, its third increase this year, Electrek reported. Ford Motor Co. has raised the price of its Mustang Mach-E, following a similar move by electric-truck startup Rivian Automotive Inc.