Legacy car manufacturers are under pressure to electrify their fleets and head off the market share leader Tesla () as it gain ground.
And the market is not looking for those who are willing to take it.
New, a car industry analysis business, has discovered that the total price of electric vehicles has increased by 25% year over year.
People who decide to sell their electric vehicle have recouped nearly every inch of their initial purchase price, according to the study.
"We have been tracking used electric vehicle prices for the past year, as they increased month after month, always with the expectation that they will come back down," Scott Case, the CEO and co-founder of Recurrent, said in a statement.
"We should be aiming for these higher EV valuations to become the new standard," said the author.
The EV market was expected to be worth $163.01 billion in 2020 and is expected to total $823.74 billion by 2030.
The Chevy Corvette takes a different turn.
General Motors () has announced that it will produce an electrified version of its iconic Chevrolet Corvette muscle car, followed by an all-electric version.
The company did not specify when the new Corvette will be released, but gave out a teaser, which stated to be cautious early next year.
President Mark Reuss of the UnitedGM said the manufacturer will continue to manufacture traditional cars with internal combustion engines, along with electrified models.
We will have a electrified Corvette next year, so it will be quite soon, Reuss said. "This is out to all of the excellent performance that Chevrolet and Corvette have experienced with our internal combustion engines for many years."
There is evidence that America is keen to buy electric automobiles.
Last year, Joe Biden disclosed information about a prospective electric Corvette when he claimed the vehicle was in development.
When the manufacturer of the first electric Corvette launches, [GM CEO Mary Barra] has made a commitment. "You think I'm kidding, I'm not kidding," Biden said.
Ford's E-Mustang Is Showing What's Possible
"The current model year is no longer available for retail order due to high demand," says the customer. "Limited inventory may be available at selected dealers. Contact your dealer for further information."
Last month, Ford launched the Mach-E Premium and California Route 1 models.
Ford raised costs for the Mustang Mach-E in the United Kingdom recently due to increased material and energy costs. The vehicle will cost $61,990, generating $7,800 from the original launch price of $53,900.
The Ukraine war has also prompted a shortage of raw materials.
By 2026, the company, managed by Chief Executive Jim Farley, intends to build two million electric vehicle annually.
In the first quarter, Ford delivered less than 7,000 electric vehicles in the United States, most mostly the Ford Mustang Mach-E SUV.
Farley will discuss the start of the production and delivery of the long-awaited F-150 Lightning electric pickup on April 26.
The Mustang Mach-E is manufactured at a Ford Motor factory in Cuautitlan, Mexico. Ford intends to increase production there to 200,000 units per year by 2023.
A lot of work is planned to run other electric cars at the same factory, such as the Ford Explorer and the Lincoln Aviator's electric versions.
When Henry Ford II unveiled the Mustang, it made its 58th birthday on April 17, making its debut at the New York World's Fair in 1964.