Price parity is the milestone when an electric car costs just as much as a gas equivalent. That's the key to selling people on EVs in large numbers, and it hasn't really been achieved in a meaningful way in the U.S. But there are signs that things are changing.
The 2026 Lexus ES is one of them. Not only is the electric version of this sedan going on sale before the hybrid-it actually costs less. The ES hit dealerships on Wednesday, Lexus announced, at $48,795 for the base-model EV, the ES 350e Premium. The equivalent hybrid will cost $50,995. (All prices include destination fees.
That's not a bad price at all for a new electric Lexus. And the ES has pretty solid specs too, though it's not breaking any barriers. Range comes in at an EPA-rated 307 miles in the front-wheel-drive 350e. Energy is stored in a 74.7-kilowatt-hour battery pack. The all-wheel-drive ES 500e returns up to 276 miles of range.
Charging power peaks at 150 kilowatts, but given the respectable 10%-80% charge time of 28 minutes, it seems like the car's charing curve should be pretty good. Unfortunately, Toyota EVs still lack basic EV features like route planning baked into the navigation system.