How Is KR 1.1 Tracking?
The Price KR aims to meet an epic challenge: price parity between electric vehicles and combustion cars.
For EVs to rule the passenger car market, they must be affordable. To allay consumer anxiety on longer trips, they’ll also need longer and more reliable range and a more robust charging infrastructure. Speed & Scale’s goal is to achieve global price parity between EVs and gas-powered vehicles in the world’s five top emitters by 2030.
In the U.S., we now have more than around 70 EV models, including lower-cost options from the Nissan Leaf ($29,280) to the Ford Mustang Mach-E SUV ($38,490).
In December 2024, according to Kelley Blue Book, the average price of a new EV in the U.S. was $55,694, as compared to $45,264 for a full-size gas-powered car or $32,595 for a mid-size gas-powered car. Once we factor in the up-front $7,500 federal tax credit (for eligible buyers of vehicles assembled in North America), plus state rebates and fuel and maintenance savings, the gap substantially narrows.
In China, thanks to incentives, stronger product design, and lower manufacturing costs, EVs have already achieved price parity for some models. As a predictable result, adoption is exploding.