What would it take to charge up the electric vehicle market?

From American Public Media, this is Marketplace Tech.

I'm Megan McCarty Carino.

Marketplace Tech is supported by GEP.

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Seems like every time we get a spike in gas prices, more people start talking about switching to an electric vehicle.

But what converts that talk into action? Generally, according to market experts, it comes down to the

upfront cost. Cars are expensive, and electric cars tend to be even more expensive.

But that could change in the next few years as Marketplace's Nova Saffo reports.

Americans just don't buy electric vehicles in large numbers,

and the primary reason for that is the sticker price,

says Stephanie Valdez Streedy of the data firm Cox Automotive.

We still have a price premium for EVs, so we need more affordable, compelling EVs to really get

into that next wave of adoption. That premium averages $8,000 over the cost of gasoline vehicles,

and the single biggest reason is the battery inside.

Since the battery is about 40% of the cost of a vehicle,

the battery price going down is going to be critical.

And we've seen that, right?

The place we've seen that is China.

We'll be right back.

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