The high cost of EVs will be limited over the next 3 years

A big problem for the EVs market remains the high cost, while forecasts indicate that their sales in the US, China and Europe will surpass in 2028 the total sales of internal combustion engines.

According to an analysis by Mobility Lens Forecaster, one in two prospective buyers (50%) thinks about buying an electric car, but does not decide to acquire it because of its cost.

Read more: EVs will cut millions jobs according to Toyota’s CEO

In the end, the owners of these cars become those who are determined to allocate a large amount of money, while the lower income groups are directed to the models with an internal combustion engine.

The car manufacturers have realised this fact and are constantly trying to find ways to reduce the overall cost of electric cars. The biggest cost to an electric vehicle is its battery, and most manufacturers have focused on it.

The key points that will bring down the cost of an electric car are the diversification of materials, lighter batteries, greater production volume and longer service life. Already analysts say that in the next 2-3 years their cost will be much less than the current one.

This data increases the trend of forecasts that by 2028, sales of electric vehicles in Europe will surpass those of internal combustion engines. In terms of sales volumes of electric vehicles, Europe is expected to lead by 2031, with China taking the lead from 2032 to 2050.

The shift of citizens to “green” development and sustainability is very clear and it is now only a matter of time before sales of electric and hybrid cars are further increased instead of a fossil-fueled vehicle, which according to the European Commission’s intentions there will be a specific date (which has not yet been decided) when all internal combustion engines will be phased out.

source: ΑΠΕ-ΜΠΕ (Auto)

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