EVs are too expensive. Here are 5 cheaper models coming soon.

Demand for electric vehicles has slowed amid a lack of cheaper options, and carmakers are now scrambling to get more affordable EVs on the road.

• US customers want more affordable EVs. 
• They might soon get their wish, with a host of cheaper electric models coming in the next few years.
• Chevy and Volvo are launching new EVs, and Ford and Tesla are also hinting at cheaper models.

EVs have an affordability problem.

Demand for electric vehicles has slowed in recent months amid a lack of cheaper options, and carmakers are now scrambling to develop more affordable EVs.

According to Edmunds data, the average transaction price of an EV in 2023 was $61,702 versus $47,450 for other vehicles.

That affordability gap seems to be deterring would-be EV buyers, with some opting to go for hybrid vehicles instead, which are typically cheaper than fully electric vehicles.

Luckily for these consumers, the next few years should see a range of more affordable electric vehicles released. Big hitters like Tesla and Ford are teasing the release of cheaper models to join the likes of Nissan and Mini, who already offer lower-cost options.

Here are some other new affordable EV options coming soon:

Volvo EX30

The Volvo EX30 is set to hit US shores this summer — and it will boast a competitive $35,000 price tag.

The EX30 has an estimated 275-mile range and can go from zero to 60 mph in under four seconds.

One Volvo sales manager described it as a "game-changer," telling Reuters that his dealership had already taken deposits for every EX30 they expect to receive.

Volvo's latest offering also has a stylish design and a high-tech interior — as Business Insider found when we got an early look last year.

Kia EV3

Kia and its South Korean parent company, Hyundai, have seen US sales surge this year as they cash in on demand for more affordable EVs.

Kia is planning to take advantage of that with the EV3, a compact electric SUV with 373 miles of range and can charge from 10% to 80% in 31 minutes.

Deliveries of the EV3 are expected to begin in Korea and Europe later this year, with the EV reportedly expected to cost around $35,000.

US customers will have to wait a little longer, however — a company spokesperson confirmed to BI that the EV3 will be coming to the US, but did not say when it will go on sale.

Chevy Equinox and Bolt

Chevy, the GM sub-brand, aims to release a new lineup of electric models over the coming years.

The company has set its target on more affordable EVs, too. Chevy's $43,295 Equinox EV went on sale in May. It also has a $35,000 version of the 319-mile range electric crossover coming later this year — which could sell for less than $30,000 with the $7,500 federal tax credit for US-made EVs.

Chevy also plans to relaunch the Chevy Bolt, formerly America's cheapest EV, after it halted its production last December.

The automaker has said the new Bolt will be available next year and will be the "most affordable" EV on the market — suggesting a sticker price below $30,000.

VW ID. 2all

German automaker VW abandoned plans to build affordable EVs with European rival Renault last month, and is planning to go solo.

In May, the company said it plans to produce EVs priced at around 20,000 euros ($22,000) by 2027.

In a step toward that, VW revealed its ID. 2all battery-powered hatchback last year. When it enters production in 2026, it expects it to cost 25,000 euros ($27,000) or less.

US customers hoping to buy one will be disappointed, however. A VW spokesperson told BI at the time that it has no plans to bring this model to the US right now.

Rivian R3

Rivian founder RJ Scaringe pulled off a Steve Jobs-style "one more thing" when he unveiled two new affordable EVs in March.

The Tesla rival announced its R2 SUV, which is expected to start at $45,000 when deliveries begin in early 2026 — a big upgrade on the R1S, which currently starts at $75,900.

That lower sticker price will allow Rivian to compete with Tesla in the mass market.

However, it was the R3 — which Scaringe also unveiled in March — that turned heads.

Few details have been revealed about the new vehicle, but the company confirmed the R3 would cost less than the R2, and that deliveries will start sometime after 2026.