[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/smart-motoring.com\/electric-cars\/ev-price-drop\/#BlogPosting","mainEntityOfPage":"https:\/\/smart-motoring.com\/electric-cars\/ev-price-drop\/","headline":"Electric Vehicles: Price Drop Imminent?","name":"Electric Vehicles: Price Drop Imminent?","description":"Finally, Cheaper Electric Vehicles Might Be on the Horizon Cheap EV’s may be on their way to Europe. The automotive market has long thought that China was the place for their frontier-work and potentially increasing sales of future EVs into a very large continent. The idea seemed sound – but for one thing; did the western and Japanese automotive giants forget that China might start producing cheap electric vehicles themselves? Although it must have been on many a manufacturer\u2019s meeting […]","datePublished":"2023-10-31","dateModified":"2024-10-18","author":{"@type":"Person","@id":"https:\/\/smart-motoring.com\/author\/sean-neylon\/#Person","name":"Sean Neylon","url":"https:\/\/smart-motoring.com\/author\/sean-neylon\/","identifier":34,"description":"Max Wheeler is a leading motoring journalist and classic car specialist at Smart Motoring, renowned for his sharp insight and infectious passion for all things automotive. With years of experience covering motoring news, supercars, and the enduring legacy of classic cars, Max brings stories to life with style and authority. Whether it\u2019s the roar of a Lamborghini, the elegance of an Aston Martin DB5, or the cultural impact of vintage motoring icons, he delivers expert commentary that inspires enthusiasts and collectors alike. Dedicated to celebrating the heritage and future of driving, Max Wheeler is your trusted voice for classic car news and beyond.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/a036ec19c690fbd907de932d0ede682f992b96e00164fbf2238ccfb7c3681767?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/a036ec19c690fbd907de932d0ede682f992b96e00164fbf2238ccfb7c3681767?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Smart Motoring","logo":{"@type":"ImageObject","@id":"https:\/\/smart-motoring.com\/wp-content\/uploads\/2024\/10\/smart-motoring_news_logo_g-e1765846726493.webp","url":"https:\/\/smart-motoring.com\/wp-content\/uploads\/2024\/10\/smart-motoring_news_logo_g-e1765846726493.webp","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/smart-motoring.com\/wp-content\/uploads\/2023\/10\/byd-dolphin-scaled.jpg","url":"https:\/\/smart-motoring.com\/wp-content\/uploads\/2023\/10\/byd-dolphin-scaled.jpg","height":1355,"width":2408},"url":"https:\/\/smart-motoring.com\/electric-cars\/ev-price-drop\/","about":["ELECTRIC CARS","LATEST CAR NEWS"],"wordCount":683,"articleBody":"Finally, Cheaper Electric Vehicles Might Be on the HorizonCheap EV’s may be on their way to Europe. The automotive market has long thought that China was the place for their frontier-work and potentially increasing sales of future EVs into a very large continent.The idea seemed sound – but for one thing; did the western and Japanese automotive giants forget that China might start producing cheap electric vehicles themselves?Although it must have been on many a manufacturer\u2019s meeting agendas for some time, Nissan has finally broken cover to admit publicly that they might be considering an entry-level electric vehicle.It makes sense, as battery power has developed in quite a phenomenally positive way, potentially allowing for the EV of the future to be able to utilise better battery technology in a cheaper way.The Younger EV MarketFrom Nissan\u2019s point of view, they believe that the automotive market is \u2018losing the kids\u2019 who may have less of an interest in cars than the youngsters of a few decades ago.In part, this is likely to be caused by the high price of new electric vehicles, coupled with the cost-of-living crisis that most of the world seems engulfed in. Whether any manufacturer admits it or not, the looming enterprise of Chinese EV production is surely also a factor here.Chinese EV Start-ups Target EU MarketsRecently, we saw that luxury Chinese start-up HiPhi was to head to Europe, while Lotus has been bought by enterprising Chinese firm, Geely.HiPhi looks to be aiming for a younger market as well, and in 2023 the company opened its first European HiPhi Hub Brand in Munich.This will, of course, set some alarm bells ringing on western shores, as competition is spotted getting closer and closer. BYD are another Chinese EV brand seeking to move into Europe.Pros and ConsWhile we normally feel safe in the knowledge that we are mostly buying from an established brand in Europe, the price of a brand-new electric vehicle can be rather off putting – with, for example, a Tesla Model 3 costing around \u00a339,000. This is out of the price range of most young people I know.What can China really offer?The pros of a new Chinese EV is that it will invariably be much cheaper to buy than Western or Japanese vehicles, thanks to lower overall production costs.The cons are simply that Chinese EVs are still not yet so available on western shores, meaning that such a purchase might involve considerably more effort.Meanwhile, there may be – in the buyers\u2019 mind – reliability and safety issues with embracing an unknown brand that doesn\u2019t have an established history of providing a regular production run of automobiles within the west. Time will tell on that one.Nissan\u2019s Senior Vice President, Ivan Espinosa, has stated that he feels the lack of interest from the young is that there is no established manufacturer offering solutions to the inflated cost for purchasing an electric vehicle. Growth and FallEconomically, China has had a consistent growth rate throughout this century so far, with the Shanghai Index registering a peak of 5,818 in 2007. Yet with steady consistent falls, it now registers around 3,100 – which is over a 40% drop on the country\u2019s previous high.This is certainly going to be food for thought for EV manufacturers intent on breaking the Chinese market and it might also influence Chinese manufacturers to try to broaden their horizons. Nissan\u2019s idea of an affordable EV is still just a thought worth the company\u2019s serious, and maybe urgent, consideration.Meanwhile, as established automotive manufacturers had planned on spreading through a potentially prosperous Chinese market, surely some must have considered that there will be fluxes in that market – and that the Chinese would want to do the same.Stay Informed With Latest EV NewsIf electric cars get you excited, you\u2019re in the right place. Explore our electric cars section at smart-motoring.com for expert reviews, industry news, and tech innovations that are driving the future of motoring. Plug in for an electrifying read!"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Electric Cars","item":"https:\/\/smart-motoring.com\/electric-cars\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Electric Vehicles: Price Drop Imminent?","item":"https:\/\/smart-motoring.com\/electric-cars\/ev-price-drop\/#breadcrumbitem"}]}]