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May 17, 2021 News
Kaieteur News – In the next five years, electric cars and vans will be cheaper to produce than conventional, fossil fuel-powered vehicles. This is according to the latest study of Bloomberg New Energy Finance (NEF), a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy.
What the report also notes is that tighter emissions regulations by nations could put these vehicles in a position to dominate all new car sales by the middle of the next decade.
Another interesting forecast by Bloomberg NEF is that by 2026, larger vehicles such as electric sedans and SUVs will be as cheap to produce as petrol and diesel models, with small cars reaching the threshold the following year. Furthermore, electric vehicles reaching price parity with the internal combustion engine is seen as a key milestone in the world’s transition from burning fossil fuels.
Furthermore, the falling cost of producing batteries for electric vehicles, combined with dedicated production lines in carmakers’ plants, will make them cheaper to buy, on average, within the next six years than conventional cars, even before any government subsidies, Bloomberg NEF found.
The current average pre-tax retail price of a medium-sized electric car is €33,300 (£28,914), compared with €18,600 for a petrol car, according to the research. In 2026, both are forecast to cost about €19,000.
Also, by 2030, the same electric car is forecast to cost €16,300 before tax, while the petrol car would cost €19,900.
According to British media entity, The Guardian, which also examined the report, the timeline for cost parity is more conservative than other forecasts, including one from the investment bank UBS, which has predicted that electric cars will cost the same to make by 2024.
However, The Guardian said that forecasters are in agreement that the cost of new batteries will continue to fall in the coming years.
It should be noted that electric vehicle sales boomed in 2020, especially in the European Union (EU) and China, but environmental campaigners are calling on governments to introduce tougher emissions regulations to encourage more consumers to make the switch.
The UK government has said that it plans to ban the sale of new fossil fuel vehicles from 2030, while European companies have called on the EU to set 2035 as the end date for selling new combustion engine vehicles in the bloc.
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