Today’s Solutions: May 24, 2022

Electric cars and vans will cost less to manufacture in Europe than conventional vehicles with internal combustion engines by 2027, according to a new BloombergNEF study.

Commissioned by nonprofit Transport & Environment, the study sheds new light on the future of electric transportation, claiming that electric cars will dominate all new car sales by 2035. Additionally, tighter emission regulations, coupled with strong support for electric infrastructure could also see EVs reach 100 percent of car sales by the middle of the next decade.

Electric sedans and SUVs are expected to be as cheap to produce as petrol and diesel models by 2026, with small cars following in 2027, according to BNEF. The study also predicts that falling battery costs, new vehicle architectures, and dedicated production lines in automakers’ plants will make EVs cheaper to buy, on average, even before government subsidies.

As reported by the Guardian, the current average pre-tax retail price of a medium-sized electric car is about $40,500, compared with $22,600 for a diesel car. By 2026, both are expected to cost about $23,000.

The drop in price, combined with the fact that EVs are also cheaper to maintain in the long run, could make electric cars more attractive to consumers, thus accelerating the electric car revolution across the globe.

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