Electric cars could cost less than petrol cars by 2025 if batteries become cheaper
A new report by London-based research team at Bloomberg New Energy Finance (BNEF) has asserted that the cost of electric cars will probably be lower than that of petrol/diesel cars by the year 2025. The report is based on the projections that lithium-ion battery packs will become cheaper in the coming years.
According to the report, the cost of some models of electric cars will be the same as gas-guzzling vehicles by the 2024; and, in 2025, majority of electric-car models will become cheaper than petrol cars.
However, for electric cars to become cheaper than gas-guzzlers by 2025, it is imperative that cost of battery packs continues to fall over the next few years, despite the widely-projected increase in the demand for the metals for producing the units.
Highlighting the fact that the mass production of lithium-ion batteries is expected to witness an increase in the coming years, BNEF said in its report that by 2030, there will probably be a noteworthy drop in battery prices to as low as $70 a kilowatt hour, as compared to $208 a kilowatt hour last year.
With the total manufacturing cost of electric vehicles expected to fall in coming years due to cheaper battery packs, BNEF’s transport analyst Colin McKerracher said that the sales of electric vehicle sales will continue to “ramp up” in the coming years. He further added that “battery prices still need to decline further for real mass market adoption.”
According to an Automotive News report, German automaker BMW plans to discontinue its i3 all-electric compact car and i8 plug-in hybrid sports car ahead of introducing its next-generation electric vehicles (EVs).
Chinese electric vehicle (EV) start-up NIO is all set to deliver its first production vehicle to the market; and its first EV service center in Beijing is coming up right next to EV manufacturer Tesla’s service center.
According to reports, the electric-car sales system which is being adopted by China is similar to the one applicable in California.
The shares of the Silicon Valley-based electric-car manufacturer Tesla Motors plunged to a 52-week low this week, with the freefall of the company’s stock continuing on Wednesday.
In a recent announcement, New York-based startup Bollinger Motors revealed that it has efforts underway to bring its B1 all-electric utility truck to production. The startup announced that it has partnered with engineering firm Optimal, Inc.
In a move which underscores the scaling back of Indian government’s efforts to switch to electric vehicles, the country’s 2030 target for electric vehicles has been revised downward from 100% to 30% by the government led by Prime Minister Narendra