The growth of the electric vehicle (EV) market is fueled by favorable public and private investment and robust demand amid sustainability initiatives globally. However, high EV prices have deprived optimal sales. According to Kelley Blue Book, the average price of a new EV is $66,000, up 4% from the previous month and 14% from last year.
In addition, the margins for the auto industry are also impacted by higher interest rates and inflation charges. Moreover, the lack of proper EV charging infrastructure is restricting the industry's growth.
