Luxury EVs dominate the U.S. market
A key hurdle to making electric vehicles (EVs) truly mass-market: lots of them are luxury models.
Driving the news: This Energy Information Administration primer breaks down the market segmentation using data from Wards Intelligence.
- There's no single definition or price point for "luxury" — Wards bases it on models' sizes, body type and price.
- But, for instance, a "middle luxury" SUV starts at $50,000.
Of note: EVs generally have lower lifetime costs than gas-powered models due to fuel and maintenance savings.
Yes, but: EV sales are rising. And while the U.S. market is awash in expensive models, more EVs are arriving at several price points in the coming years.