Study Suggests EVs Could Cost Manufacturers The Same As ICEs By 2024

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New research indicates that electrical automobiles could charge the exact same to make as traditional cars as ancient as 2024.

Research from investment bank UBS indicates that the extra price of producing battery electric vehicles in comparison with ICE vehicles will drop to just $1,900 per car by 2022, before disappearing completely in 2024.

UBS arrived at the conclusion by analyzing the batteries in the seven largest battery producers. This is because batteries account for between a quarter and also two-fifths of the price of a whole electric car or truck. The investment bank added that prices could drop to under $100 each kilowatt-hour by 2022.

See Also: GM Says Its EVs Will Cost The Same As Its ICE-Powered Models

UBS also expects the electric automobiles ’ market share will reach 17 per cent of global revenue by 2025 and 40 per cent by 2030.

“There are not many reasons left to get an ICE car after 2025,” UBS analyst Tim Bush stated. Bush added that the fall in battery prices won’t just function as the final nail in the coffin into ICE vehicles, but would also remove the fiscal situation for hybrids, The Guardian reports.

It’s believed that the decrease in battery prices will activate a speedy change to electric cars, that are already enjoying increased revenue in the European Union and China. This has led autonomous car analyst Matthias Schmidt to predict which a million hybrid and electric cars will be marketed in 2020 throughout the EU, out of a total of 11 million automobiles.

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