Electric vehicles have grown in popularity, but some consumers are hesitant to make the leap because of concerns about the upfront cost.
Recently, Tesla reduced prices for its Model Y, S, and X vehicles by $2,000 in the United States, per Electrek. The move came after the company revealed a discount on its most popular vehicle, the Model Y, which lowered costs by as much as $1,000, according to Reuters. The changes also dropped the Model Y rear-wheel drive to $42,990, or a "$35k car" after factoring in federal EV incentives that can be available at point-of-sale, noted Electrek.
EVs bring a lot of value to the table, eliminating harmful pollutants from tailpipes and needing less costly maintenance in the long term. Now, these vehicles are becoming increasingly affordable so others can be part of the electrification revolution.
Driving an EV has appealing benefits, such as improved energy security and significant fuel cost savings, as shared by the U.S. Department of Energy. The U.S. transportation sector is tied to roughly 30% of total U.S. energy needs and 70% of the nation's petroleum consumption.
Hybrid electric vehicles, plug-in hybrid electric vehicles, and battery electric vehicles are beneficial long-term alternatives to the gasoline-powered vehicles we've come to know so well.
Tesla's business efforts come at a time when governments are increasing equity for EV purchases. For example, California is shifting EV purchase incentives toward low-income consumers and communities disproportionately impacted by planet-warming gases. The state has also approved a $1.9 billion investment plan that will lead to the creation of 40,000 new chargers.
As part of the California Clean Transportation Program, at least 50% of the funding is targeted to serve priority populations, increasing equity for communities who have been underserved and making air cleaner for all Californians.
"By investing a bulk of funds to benefit low-income and disadvantaged communities, the state is making sure communities most in need have better access to chargers and less pollution from trucks and buses," CEC Lead Commissioner for Transportation Patty Monahan said in a press release.
Tesla's innovation in electric technology appears to have inspired other automakers to invest in the sector. With federal tax incentives in place, EV prices may continue to become even more favorable for consumers.
"Teslas are now cheaper than the average new car. This is taking away the 'EVs are too expensive' story," one commenter wrote in the comments section of the Electrek article.
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