And significantly important, a lower sticker price, by about $2,000, starting at just over $36,000. That's welcome news to many shoppers.
"Now we are starting to see more and more EVs creep into that $30,000-$40,000 range, which is still a lot of money, but it is more affordable than perhaps what it once was," said Alistair Weaver, the editor-in-chief at Edmunds.com.
Volvo is gearing up for an all-electric future, and late last year, launched its small, basic EX30 model with the intention of it being available for under $40,000. But it hit some obstacles, like being made in China, and subject to high tariffs.
Until a planned move of production to Europe, the current entry model of the EX30 called Plus has a base price of $47,490.
"The model it was supposed to be was this sort of mass-market leader, a $35,000 car, but you're right, it's made in China," noted Weaver.
It's a challenge right now for the auto industry on many fronts, including high tariffs on imported vehicles and components, and the federal $7,500 tax incentive due to expire on September 30.
"You're getting this double punch, double jab if you like, of the tariffs plus the end of the tax incentives," said Weaver.
There is a new focus on affordability, with many brands realizing that many potential buyers can't afford an EV priced at $50,000 or more.
For example, Chevrolet dropped its Bolt EV and EUV a couple of years ago but has had a change of heart and a next-gen Bolt will arrive soon.
Pricing hasn't been announced, but Chevrolet is hinting that it will be their lowest-priced electric model. Plus, big news from Nissan for 2026.
Its original EV, the Leaf, arrives in an all-new third generation, promising up to 300 miles of range for a price that's lower than the first Leaf introduced 15 years ago.
The new Leaf will be priced at just over $31,000. The 2011 Leaf, which only offered about 75 miles of driving range, was priced at just under $34,000.
But perhaps the biggest recent news comes from Ford: an all-new EV platform, with simplified vehicles built in Kentucky on a more efficient assembly line. Lower consumer cost is part of the promise, with the first vehicle being an EV pickup truck priced at $30,000, scheduled to arrive in 2027.
"At least they're having a go, they're having a look at that market, saying, 'What do we sell well? Pickup trucks. What do we sell them for? $35,000," said Weaver while also noting that Ford has been losing money on its EV program thus far.
The new electric vehicle platform could be good news for both car buyers and investors.
So if sticker shock has kept you out of the EV space, have another look. More affordable options are arriving all the time.