Yes, that’s right! We’re almost at the point where electric cars will finally become cheaper than combustion engine vehicles. This will be a crucial tipping point for the greater adoption of electric vehicles according to economic experts.
The rapid improvement of battery tech in recent years has been attributed as the catalyst for the recent drops in price and subsequent uptake in electric car sales. As The Guardian reports, this has been a historically expensive process to develop but it has become considerably cheaper in recent years.
When the day comes that electric vehicles cross the threshold and become cheaper than their combustion alternatives, we can expect to see the transport infrastructure across the UK rapidly become more sustainable.
Of course, in some countries electric cars are already cheaper than combustion engines ones, specifically Norway, Germany and France. This is because the governments contribute a significantly larger amount in subsidies to encourage EV adoption.
However, for mass adoption we need to reach the point where electric vehicles become cheaper without the need for government subsidies. This point, it is hoped, will be coming in the very near future.
“That’s definitely an inflection point,” James Firth, the head of energy storage at the energy research firm BloombergNEF told The Guardian. “[Then] we really see the adoption of electric vehicles taking off and real market penetration.”
It should be noted noted that in some ways electric vehicles already have cost advantages over combustion vehicles. Consumer Reports found that the maintenance cost of EVs and hybrid vehicles is about half as much, given to the fact they break down less frequently than ICE vehicles.
While batteries become cheaper to produce, we should see a shift in buyers decisions with going electric becoming the most obvious financial decision. Particularly since ICE cars are expected to become historic relics by 2030 anyway, when the ban on petrol and diesel engine cars comes into place.
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