Now is the worst time to buy an electric car, experts warn.
With new EU emissions standards set to take effect next year, electric car prices are expected to plummet as manufacturers work to avoid hefty fines.
"For heaven’s sake, don’t buy an electric car now—by next year, they’ll be significantly cheaper," says Claes Hemberg, automotive expert, speaking to Carup.
The EU's upcoming emissions regulations will push automakers to increase electric car sales to avoid massive penalties.
"For years, the EU has discussed moving away from fossil fuels. Now they’re steering the industry toward electric cars, forcing change," Hemberg explains.
The potential fines are substantial; for example, Volkswagen alone faces penalties around $5 billion.
To avoid this, carmakers are expected to ramp up production of affordable electric models and cut prices.
"The car industry is now focused on producing electric vehicles that more people can afford. This spring, we’ll see a flood of new, more accessible electric models as manufacturers try to boost their sales share and dodge penalties," Hemberg says.
Electric cars, previously considered a luxury, may soon be within reach for a wider audience.
Manufacturers may even consider promotions like lotteries to ensure sales targets are met. Volkswagen, in particular, is likely to lower prices sharply to stay compliant with new regulations.
Though the industry has resisted the new rules, the EU remains firm. "The car brands missed the mark by not acting sooner," Hemberg adds. "The EU Parliament won’t change its mind on this, so manufacturers will just have to adapt."
