The purchase cost of electric vehicles in the US could fall below that of petrol and diesel fuelled vehicles in five to 10 years, a new report released by the International Council on Clean Transportation says.
As the popularity of electric cars rises over the next decade, accompanying drops in battery prices and reduced R&D costs should see the cost of purchasing an electric, crossovers or SUV come in line with that of similar internal combustion engine (ICE) vehicles.
Taking total cost of ownership over five years into account, these drops, as well as lower fuel and maintenance costs, could see EVs costing much less than their ICE counterparts by 2025, according to the report.
The figures fight back against detractors who say that electric vehicles will just not take hold because they are too expensive.
Short-range electric vehicles would be the first to drop in price, according to the report, reaching an equal purchase price for equivalent ICE counterparts as soon as 2024-2025.
Longer-range vehicles would follow, reaching a purchase price equal to ICE equivalents around 2026-2028, says the report.