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EVs will cost less than gas-powered cars by 2025

According to new research from Bloomberg New Energy Finance, Electric vehicles may witness a consistent drop in prices in the foreseeable future.

The report says that EVs will actually cost less than gas-powered cars by as early as 2025 in the U.S. and Europe. The main reason cited by the report for this is a significant drop in the battery prices, which accounts for around 50% of the cost of EV. By 2030 the battery prices are expected to fall by 77%, thus bringing down the price of EVs.

Electric-Vehicle-T'wire

Of late, the automakers have accelerated their efforts to increase the fleet of EVs in their offerings. Volkswagen Group is aiming to have more than 30 battery electric models by 2025. Volvo and Mercedes-Benz have also set a target to come up with number electric models.

The Countries like China and India have also set ambitious goals to increase the mix of electrified vehicles in their fleet. These countries are coming up with policies to increase the demand and adoption of Electric Vehicles.

Other news related to the topic:

Daimler decides to go ‘electric offensive’, lays foundation of second Lithium-ion battery plant

Mahindra & Mahindra to invest in building long-range EVs, high-power battery packs and power trains

Suzuki, Toshiba and Denso agree to establish a joint venture company for production of automotive lithium-ion battery packs in India

GoI plan to make electric buses cheaper, by reducing the battery size

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