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New research predicts that electric vehicles (EVs) could reach price parity with fossil-fuel vehicles in Europe by 2024 and in the US by 2026. The report by the Rocky Mountain Institute (RMI) suggests that falling battery prices will make EVs as affordable to buy as petrol cars in every market by 2030. Battery costs are expected to halve this decade, making EVs cheaper to run as well.
Global Car Sales EV: Batteries are expensive and account for around 40% of an EV's price tag, a cost that has so far made them unaffordable for many consumers.
Nick Carey: Batteries are expensive and account for around 40% of an EV's price tag, a cost that has so far made them unaffordable for many consumers.
Electric vehicles may achieve price parity with fossil-fuel models in Europe by 2024 and in the U.S. market by 2026, according to a new research. Furthermore, it is projected that electric vehicles could comprise two thirds of global car sales by 2030.
A report by the Rocky Mountain Institute (RMI) on Thursday predicts battery costs should halve this decade, from $151 per kilowatt hour (kWh) in 2022 to between $60 and $90 per kWh, making EVs