The EV industry might be in trouble if they do not lower the average listing price for their vehicles. Although Europe and China are leaders in the EV industry since they have purchased the majority of EV units, some lawmakers and officials are wary that the prices are still too high for the modern everyday citizen.

The chief manufacturing officer for Stellantis NV, Arnaud Deboeuf, warned the EV industry during a speech that the prices of producing and listing an electric vehicle are scaring away consumers. Not only did he voice his concerns, but he also restated the automaker’s plan to cut the cost of making electric vehicles by 40% by 2030. Specifically, Stellantis is looking to upgrade its French car factories to equip tools and machinery to build EVs affordably.

Rising costs of raw materials are forcing many CEOs to rethink their manufacturing plans since it is becoming more expensive to produce electric vehicles without chips and affordable EV batteries. CEO Carlos Tavares believes that there needs to be a huge shift with policymakers as auto companies try their best to comply with new regulations and laws. Stellantis is producing four factories for EVs and is thinking about purchasing a mine to decrease the costs of raw materials.

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