The issue of continuous electric vehicle price increases, high battery costs, and rising maintenance fees has become a significant concern, with over 30% of new energy vehicles experiencing price hikes.
As of May 20, 2025, a report indicates that the average cost of pure electric vehicles will rise significantly. According to the latest data from the Ministry of Industry and Information Technology, pure electric vehicle ownership in China is projected to reach 22.09 million by 2024, with a staggering increase of 70.34% in the new energy vehicle sector.
However, while the market for electric vehicles is expanding rapidly, it is also facing challenges, including the risk of “overlong depreciation,” which raises concerns about market stability and consumer confidence. A recent report from the China Automobile Association highlighted the urgency of addressing issues such as electric vehicle depreciation. By 2025, it is expected that the market will see a significant increase in battery costs, pushing the price of electric vehicles potentially beyond consumer affordability.
The data reveals that the depreciation rate of new energy vehicles is expected to average around 45%, compared to conventional fuel vehicles. For instance, the price of the Ford Mustang Mach-E GT was approximately 430,000 yuan in 2022, but is projected to decrease significantly by 2025.
Despite facing numerous challenges, the outlook for electric vehicles remains positive, with increased market attention and technological advancements. However, to overcome these challenges, manufacturers, government, and various departments must collaborate effectively. There is a pressing need to enhance battery technology and reduce costs to maintain competitiveness in the market.
In summary, while the electric vehicle market is growing, the ongoing increase in prices and fees poses significant challenges that need to be addressed to ensure a sustainable future for electric vehicles.
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