Electric cars cheaper than petrol/diesel from 2022, as battery costs plummet

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Battery costs will amount to a quarter of the total cost of making an electric car within 6 years, BloombergNEF analysis says.

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New analysis from Bloomberg New Energy Finance suggests that from 2022, the cost of electric cars will start to drop below that of internal combustion engine (ICE) vehicles.

It has been noted, not least by today’s recent poll issued by the Climate Council, that many drivers are waiting until electric cars are at least as affordable as ICE equivalents before making the switch to electric. They may not have to wait long.

As noted by Nathaniel Bullard at Bloomberg, ” The crossover point — when electric vehicles become cheaper than their combustion-engine equivalents — will be a crucial moment for the EV market.”

For this reason, BloombergNEF regularly assesses the cost of purchasing EVs against equivalent ICE models, and Bullard notes that the disparity between EV/ICE pricing is getting smaller every year.

Read the full story on RenewEconomy’s electric vehicle dedicated site, The Driven…

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