EVs are getting cheaper… or are they?

GM reduced the price of its 2023 Chevy Bolt by ~$6,000 yesterday, likely making it the least expensive new EV on the market when it goes on sale sometime this summer (with a price tag of $26,595).

🔌🚘 Bucking the trend… GM’s price cuts come as fellow EV-makers are hiking prices to deal with rising commodity costs caused by inflation and supply chain disruptions.

• Large automakers like Tesla and the GM-owned Cadillac, as well as EV-startups Rivian and Lucid, have all increased prices in recent months.
• GM warned during its Q1 earnings call in April that overall commodity costs for this year are projected to be $5 billion... double what it previously forecast.

🌍 Zoom out: More than half of global car buyers (52%) say they want their next car to be an EV, per new research from Ernst & Young. It’s the first time that number has ever exceeded 50%, and represents an increase of 22 percentage points over the past two years.

✋ Yes, but… US consumers were the least committed to EV ownership among the 18 countries surveyed, with just 29% of Americans saying they want their next vehicle to be electric; Australia was second-to-last with 38%.