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How much does it cost to manufacture an electric car?
I’ve been seeing a lot of news articles that talk about how car markups are making new vehicles, specifically electric cars, more expensive. How much does it actually cost to manufacture an electric car?
Jason Crosby · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The cost for a carmaker to
build an EV
from start to finish can be anywhere from $17,000 to $25,000, depending on the size of the vehicle and its components. EVs are significantly more expensive to produce than ICE-powered cars, even though they use fewer components. EVs have newer technology, which means their production hasn’t been refined—companies are still experimenting to find the best ways to produce them. However, companies like Tesla are constantly looking for ways to make their EVs more financially accessible to the public, and that starts with making sure that the resources needed to build EVs are readily available.
Potential electric car drivers in the U.S. should be on the lookout. The Biden Administration recently signed a deal with Tesla’s main graphite supplier, Syrah. The mining company will expand its operations to help carmakers in the U.S. produce EVs in the coming decade, and having a more direct supply line of resources like graphite will help lower electric car costs.
EVs are also an investment risk for carmakers. They realize that people are looking to transition toward clean energy, but also know that low battery range and limited options are deterring many. For the time being, EVs are going to be pricier to build and to buy. Even so, that doesn’t mean you should overpay for car insurance. With
Jerry
, you can save on electric car insurance. Jerry contacts your insurance company to get the details of your current coverage so you don’t have to scale a mountain of questions. You get all the best prices and coverage with none of the legwork. And if that isn’t enough for you, Jerry can even help cancel your old policy.
MORE: Can Stellantis’ New $4 Billion EV Battery Plant Help Kickstart a New Supply Chain?
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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