The Biden administration’s push to get more people driving an electric vehicle (EV) has hit a roadblock: EV prices have surged from a year ago, data released Monday shows.
The average sticker price for an EV in the United States in May was up 22 percent from a year ago, to about $54,000, according to research from data and analytics firm J.D. Power, cited by the Wall Street Journal.
UPI points out the average price for an internal-combustion vehicle rose 14 percent over the same period to close on $44,400.
Automakers have ramped prices to capitalize on new interest fueled by surging gas prices and offset the soaring cost of raw materials like nickel, cobalt and lithium for their large batteries due to supply chain issues, according to the WSJ.
The price leap follows President Joe Biden’s call back in March for Americans to purchase an electric car to escape high gas prices, promising to “double down” on his pursuit of green energy.
Meanwhile the necessary domestic supply of batteries is failing to meet demand as the United States is dependent on the Chinese Communist Party for the necessary critical minerals and other elements needed to build them.
The two most essential and expensive components of lithium-ion batteries, cathodes and anodes, are almost exclusively produced in China, as Breitbart News reported.
The average cost of the raw materials for EVs has more than doubled to $8,255 per vehicle, up from $3,381 per vehicle, since the coronavirus pandemic began, according to a report from CNBC, citing data from consulting firm AlixPartners.
Finding a place to charge an EV is also a problem for many.
The International Council on Clean Transportation says the U.S. will need 2.4 million charging stations by 2030 alone if 36 percent of new vehicle sales are electric.
Currently there are about 45,500 charging stations nationwide with just 112,000 plugs, AP reports.
Online searchers for EVs have increase 73 percent since January, the WSJ previously reported, citing data from auto shopping websites Kelley Blue Book and Autotrader.