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.
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.
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