EVs will be more affordable than combustion vehicles by 2027: Study
Category: #technology  By Pranali Mehta  Date: 2021-05-17
  • share
  • Twitter
  • Facebook
  • LinkedIn
EVs will be more affordable than combustion vehicles by 2027: Study

According to a recently published study by BloombergNEF, prices of electric vehicles are set to become more affordable by the year 2027 as compared to vehicles with combustion engines. The study is primarily based on the European market which has been a hotspot for EVs.

The right measures at the precise time have allowed for mounting sales of EVs. Although the EU intends to achieve zero emissions by 2030, the study claims that it will take at least a decade for the region to obtain its target. 

As per the research, electric sedans and SUVs are likely to reach comparative prices with their internal combustion engine variants in five years. Hatchbacks, however, are expected to take a year more to compete with their respective variants.

Approximately 81% of 15,000 drivers included in the study find electric cars relatively expensive compared to traditional vehicles. To make EVs more affordable, the study claims that there is a need to rework the relevant guidelines as well as make batteries cheaper.

Europe’s Transport and Environment group has further forecasted a fall of 58% in battery prices. Notably, the battery is the most expensive part of an EV, and a drop in their prices can help in making electric vehicles affordable.

An electric vehicle-friendly infrastructure alongside an independent EV production line is also expected to decrease the manufacturing cost. The government grants, subsidies, and various incentive offerings are further expected to make the vehicle pocket-friendly, the study claimed.

It is also worth mentioning that various German car manufacturing giants namely Volkswagen and Mercedes-Benz have chalked out plans to rule out petrol/diesel-powered vehicles and vouch for zero-emission vehicles within a decade.

In other news, a European climate group Transport and Environment has reportedly asked the EU to tighten its regulations regarding CO2 emissions in commercial vans, a move that could help the regulator achieve its 2030 target more efficiently.

Source credits-

https://auto.hindustantimes.com/auto/news/electric-vehicles-will-be-cheaper-than-petrol-diesel-cars-by-2027-claims-study-41621224768584.html

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Amazon reduces its Appstore revenue share to help small businesses
Amazon reduces its Appstore revenue share to help small businesses
By Pranali Mehta

After Google and Apple reduced their app store fees, Amazon too has lowered its revenue cut for small developers by launching Amazon Appstore Small Business Accelerator Program. Sources with relevant information stated that this move will allow Amazo...

MTN Group selects five partners to expand 4G & 5G services in Africa
MTN Group selects five partners to expand 4G & 5G services in Africa
By Pranali Mehta

MTN Group, the largest telecom operator in South Africa in terms of users, has reportedly chosen five partners to expand 4G and 5G services across Africa using an Open RAN architecture. This will enable cheap and quick access to these services, said ...

Jaguar Land Rover to build hydrogen fuel cell-based Defender SUV concept
Jaguar Land Rover to build hydrogen fuel cell-based Defender SUV concept
By Pranali Mehta

Britain-based luxury vehicle manufacturer Jaguar Land Rover is reportedly developing a hydrogen fuel cell vehicle that will be based on its popular Defender SUV. The prototype program deemed as Project Zeus is a part of the company’s goal to ac...