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May 10, 2021 10:02 pm

Electric Cars 'Will Be Cheaper To Produce Than Fossil Fuel Vehicles By 2027'

An anonymous reader quotes a report from The Guardian: Electric cars and vans will be cheaper to produce than conventional, fossil fuel-powered vehicles by 2027, and tighter emissions regulations could put them in pole position to dominate all new car sales by the middle of the next decade, research has found. By 2026, larger vehicles such as electric sedans and SUVs will be as cheap to produce as petrol and diesel models, according to forecasts from BloombergNEF, with small cars reaching the threshold the following year. The falling cost of producing batteries for electric vehicles, combined with dedicated production lines in carmarkers' plants, will make them cheaper to buy, on average, within the next six years than conventional cars, even before any government subsidies, BloombergNEF found. The new study, commissioned by Transport & Environment, a Brussels-based non-profit organization that campaigns for cleaner transport in Europe, predicts new battery prices will fall by 58% between 2020 and 2030 to $58 per kilowatt hour. A reduction in battery costs to below $100 per kWh, is viewed as an important step towards greater take-up of fully electric vehicles, and would largely remove the financial appeal of hybrid electric vehicles, which combine a battery with a conventional engine.

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