Know The Difference Minute

EV prices shot up during the pandemic. Now, with supply chains easing, it’s all about sales.

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EV price war?
Welcome to the Know the Difference Minute for Tuesday, January 31st.
Last year Tesla accounted for 2/3rds of all electric vehicle sales in the US –overall, 3 of the top 5 slots.
That doesn’t mean they’re the only one on the road. GM, Ford, and others want to close ground on the leader. One way is pricing. EV’s aren’t cheap—the median sale price is just over $61,000.
It’s not an official price war, but Ford is cutting prices between of $600 and almost $6000 on some Mach-E models—the current 3rd best-selling EV. Ford is also boosting production to reduce wait times while building market share. This is after Tesla made huge price cuts earlier this month.
EV prices shot up during the pandemic. Now, with supply chains easing, it’s all about sales. Whether or not the American car buyer is on board is the question mark.
For Dave Spano, I’m Danny Clayton from Annex Wealth Management. That is your Know the Difference Minute.