As reported by The Guardian, new car prices in the United States have been on a continuous upward trajectory, with consumers showing a preference for larger, high-specification models. Amidst this trend, the US electric vehicle (EV) market is encountering fierce competition from low-priced EVs imported from China. Presently, a plethora of budget-friendly electric and hybrid models have successfully penetrated the mainstream consumer market in China. In stark contrast, the US market offers a relatively limited array of affordable new energy vehicle options.

For instance, the average transaction price for new cars in the US has soared to $48,402, marking a substantial increase from the figure recorded in 2019. Furthermore, last year, less than 5% of newly sold cars were priced at $25,000 or less. Conversely, the Chinese market is teeming with over 200 electric and hybrid models within this same price bracket. Although US startup Slate Auto has recently unveiled an electric pickup truck with a base price of $24,950, the overall selection of affordable EVs in the US market pales in comparison to the diverse and cost-effective offerings available in China.