The Vantage is a figment of our imagination. It doesn’t exist but is based on a realistic “mass market” EV that might be on American roads by 2030—the year by which the current US administration wants half of all new vehicle sales to be EVs. By realistic, we mean the suppliers and the components and their costs are as accurate a representation of reality as we can determine based on the sources available to us.
However, a true transport revolution over the next 6-7 years requires mass adoption, which depends on consumer choices. Various factors determine consumer adoption of new technology, but cost is chief among them. Indeed, the digital revolution would not have been possible if computers didn’t fall from >$10,000 to <$1,000 for that iPhone.
So too it is with the EV. According to industry consensus, EVs need to reach a sweet spot of $30,000 and 300 miles of range before mass, not just elite, adoption will happen.
Yet more than a decade since Tesla launched its Model S, the average EV in the United States is still $12,000 more expensive than passenger vehicles overall. Putting more pressure on the price are recent industrial policies aimed to secure domestic EV supply chains—the effect of which you can see when you make your choices to build your Vantage in this product.
These component choices, based on supplier origin, will affect the Vantage model’s price, though where the EV is manufactured affects the price even more. For instance, Chinese manufacturing costs are a whopping 41% lower compared to the United States for an EV with similar specs, according to ICCT estimates. On top of that, Chinese EV manufacturers on average accept a 7% lower profit margin than their US peers. A small silver lining is that depending on how you build your Vantage, you might qualify for the $7,500 clean vehicle tax credit from the US Inflation Reduction Act. (Click on the “tax credit” under your final price to see whether you qualify.)
Suppose you currently drive a standard Honda Accord that’s about $30,000, the question is at what price point would you seriously consider switching to an EV, especially in an inflationary environment? Now, get ready to build your Vantage and decide if you are ready to go electric.
|NCM (China)||$3,500 | $0 next year|
|LFP (China)||$3,500 | $0 next year|
The cheapest configuration of the Vantage is $23,812 and the priciest configuration is $39,163, both accounting for the location of the final assembly.
While numerous factors will affect your decision, we just want to know one thing: based on the cost, will you switch from your $30,000 Honda Accord to the Vantage?