Electric vehicles' price and driving range are probably the two most important factors for most buyers. In today's post, we will look at the mix of the two parameters—the price per mile of the EPA Combined range.
That may sound complex, but it's merely a metric that indicates the best value proposition overall, and something that gives us an idea of the "cost" of range. By checking this metric, we can also see whether there is progress over time compared to earlier reports: see February 2022, February 2021 or April 2020. As it turns out, progress is happening on this front, and the cost of the driving range is going down.
Before we jump into details, let's just explain the basics. There are more than 300 individual EV configurations on sale, including different battery sizes, ranges, powertrain setups, and wheels—all of which directly affect the price and range. We collected numbers for about 300 configurations, that are currently available for order or reservation, some upcoming models, and a few that have been discontinued but may still be found on dealer lots as reference points.
To calculate the price per mile, we used the MSRP plus destination charge (DST), sometimes with additional obligatory fees (Tesla and Lucid, for example), and the EPA Combined range—listed directly by the EPA, or by the manufacturers. (There is an asterisk in such cases).
Separately, we attached the price per mile, including a federal tax credit (if available when purchasing). These results are marked in a green color in the chart.
Stats
For a couple of years, the lowest price per mile of EPA-rated driving range belonged to the Chevrolet Bolt EV/Bolt EUV duo, which were recently discontinued. The Bolt pair were rated at $145/mile in April 2020, without eligibility for the federal tax credit at the time, and excluding discounts. Back then, the Hyundai Kona Electric was eligible for the $7,500 federal tax credit, which effectively brought the result to $119/mile.
In 2021, General Motors reduced the MSRP of the Bolts, which allowed it to achieve $124/mile. The Tesla Model 3 Long Range AWD was at $134/mile at the time (both without incentives).
In 2023 things improved because the Bolts became even less expensive and qualified for the $7,500 federal tax credit. The price per mile decreased to $106/mile, or $77/mile with the tax credit.
But we are now in 2024 and things are different. The Chevrolet Bolt EV is no longer in production.
The lowest price per mile of EPA-rated driving range in the 2024 model year will be achieved by the entry-level Chevrolet Equinox EV 1LT. GM recently confirmed that the model will enter the market in late 2024 at an MSRP of $33,600 ($27,495 including DST and $7,500 federal tax credit). With an expected EPA range of 319 miles, the Equinox EV will offer a mile of driving range for $110 ($86 including tax credit).
It's more or less on par with the Bolts and a level noticeably better than the next-best model. The Chevrolet Equinox EV is also the most affordable model with 300-plus mile range, which makes it a really top proposition in terms of range.
However, the main question is whether GM will be really able to offer the entry-level version at scale and profit. At least for now, it seems that Chevrolet is trying to bring the price down and make long-range EVs affordable. Some doubts whether such a pricing will be possible to maintain, partially because of the margins, and partially because of the competition (or rather lack of it at this price level).
Until the Chevrolet Equinox EV will enter the market at the promised price, the lowest price per mile of EPA driving range will belong to the 2024 Hyundai Ioniq 6 SE RWD Long Range, which starts effectively at $43,565 and has 361 miles of range. Its result is $121/mile. The issue here is that the price tag is much higher than in the case of the Bolts or Equinox EV.
An interesting finding is that the Volvo EX30—a model from a premium brand—in the entry-level Single Motor Core RWD version achieved a relatively good price per mile of driving range: $132. But it too hasn't gone on sale yet.
Next, we can see a few more Chevrolet Equinox EV versions ($136-$142 per mile without tax credit) and the Tesla Model 3 Long Range AWD at $145/mile. The Hyundai Kona Electric is right behind at $146/mile.
There's no doubt that to expand the EV market, EVs will have to become more affordable, which also means a reduction in their price per mile of range.
By the way, we also checked the lowest price per mile for all-electric pickups. It seems that also here we can see Chevrolet at the top. The Chevrolet Silverado EV 4WT sits at $177/mile (without tax credit). The 3WT version, with a smaller battery and lower range averaged at $190 per mile.
For reference, the Rivian R1T DM Max Pack starts at $221/mile, Ford F-150 Lightning Flash ER at $236/mile, while the Tesla Cybertruck AWD at $242/mile. All three numbers are without tax credits.
Of course, the most expensive models with very high price tags take the price per mile to much higher levels. The Cadillac Celestiq and Rolls-Royce Spectre, excluded in the chart, exceed $1,000/mile.
This chart was last updated Feb. 24, 2024. It will be updated as the year goes on.
Click here to see an expanded version of this chart.
Info and exceptions:
- EV model is usually described as model year, brand, model name, version (battery or drive type), wheel size in inches, effective price (MSRP + DST and including federal tax credit) and EPA Combined range.
- Some numbers listed here are estimated or unofficial. Please check the manufacturer's website for confirmation.
- The list includes all EVs available on the U.S. market (for which data were announced), some upcoming models and a few discontinued ones for reference.
- Some destination charges also include additional fees, as in the case of Tesla or Lucid.
- The $7,500 federal tax credit rules have changed as of January 2024. We assume a $3,750 value for all Rivian EVs under the $80,000 price cap and a $7,500 federal tax credit for Chevrolet Equinox EV.
