According to statistics from the Carscoops website, the price of electric car in China is getting cheaper, creating a major challenge for other automakers.
Specifically, the average price of electric cars in Europe is $70,462 (VND 1.73 billion), in the US is $71,683 (VND 1.76 billion). Meanwhile, the average price of electric cars in China is only $32,842 (VND 806.8 million).
If you want to buy an electric car in the US, even if you choose the cheapest electric car, the price is still twice as expensive as a gasoline car. But in China, on the contrary, the price of the cheapest electric car is 9% cheaper than the cheapest gasoline car.
The data also shows a clear difference in the price of electric cars between the West and China. While electric cars from major US or European brands are quite expensive, beyond the financial ability of many people, in China, anyone can buy an electric car.
The reason for the price difference mentioned above is the production cost. Most electric cars in the West use expensive lithium-ion batteries for impressive performance. However, Chinese automakers use cheaper batteries, which helps reduce the cost of electric cars but limits their range.
In addition, the Chinese government is also promoting support for electric vehicle manufacturers, as well as implementing many preferential policies to encourage consumers to buy electric cars.
Furthermore, labor costs in the “country of a billion people” are also significantly cheaper compared to Western countries. This also somewhat affects the price of electric cars.