Competition for electric vehicle sales remains fierce all across the market. Industry leader Tesla (TSLA) -) has a huge overall sales advantage, as the company is almost on target for its goal of 1.8 million in sales this year after recording about 889,000 vehicles delivered in the first half of 2023.
When it comes to luxury, look no further than Tesla's Model Y sports utility vehicle, which became the world's best-selling car with about 267,200 vehicles sold in the first three months of the year. CEO Elon Musk's company surpassed former No. 1 vehicle Toyota (TM) -) Corolla, an internal combustion engine vehicle, which sold 256,400 cars in the first half of the year. Of course, the Corolla isn't a luxury vehicle.
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Tesla's lowest priced EV is the Model 3 that is priced at $32,740 on its website. Consumers debate whether the Model 3 is a luxury vehicle, but most luxury electric vehicles are easily more than $40,000. On the low end of the price scale, several automakers are battling to be the lowest priced model, but some of the lowest priced vehicles will also soon be discontinued.
Electric vehicles discontinued
General Motors' (GM) -) 2023 Chevy Bolt, one of the most affordable electric vehicles on the market, has a manufacturer's suggest retail price beginning at $26,500. GM's original plan was to increase production from about 44,000 Bolts in 2022 to 70,000 in 2023. Instead, technology has advanced past the Bolt and the company in April reversed course and decided to terminate the Bolt at the end of 2023. CEO Mary Barra, however, confirmed in the company's second quarter earnings call that Chevy will bring the Bolt back in the future under its third generation Ultium battery technology.
Nissan's (NSANY) -) Leaf EV, which it launched in 2010, has also been one of the lowest priced EVs on the market at a $28,140 starting price. However, the Japanese automaker will phase the Leaf out over the next few years and unveil a replacement in 2026. Other low priced EVs on the market include BMW's (BMWYY) -) Mini Cooper at $25,800 and Hyundai's (HYMTF) -) Kona at $21,300 before taxes and fees.
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Stellantis reveals low-priced Fiat EV
Stellantis (STLA) -) has revealed the company's plan to unveil a second new entry-level Fiat-branded electric vehicle in July 2024 that will be priced less than €25,000 or about $27,390, Automotive News Europe reported.
"There is a real need for more affordable EVs," Fiat CEO Olivier Francois said
The EV is expected to compete with French automaker Renault in Europe as well as Chinese EV companies. Francois didn't specifically mention when the vehicle might be sold in the U.S. Stellantis in June said it will deliver the new Citroën e-C3 electric car to the U.S. in early 2024 that will be priced at about $27,000. The e-C3 is expected to have a range of 186 miles on a charge. EVs could become among lowest priced EVs on the market.
Stellantis previously said it would bring Fiat's best-selling EV, the Fiat 500e, to the U.S. market in 2024 to compete against Tesla and the growing U.S. EV market.
