Electric Car Prices Will Be Equal To Conventional Cars In 2024

Written by Valdemar Medeiros

Published on 03/11/2020 at 10:28

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Starting in 2024, electric cars are expected to have the same production cost as conventional vehicles with internal combustion engines, which could result in a drop in the prices of sustainable models.

Electric cars will cost the same as conventional cars with internal combustion engines in 2024, and an acceleration in the shift away from fossil fuel-powered vehicles may be imminent, according to new research. The extra manufacturing cost of battery electric cars compared to their fossil fuel counterparts will decrease to just US$ 1,900 (R$ 10,829.05) per car by 2022 and will disappear entirely by 2024, according to research by investment bank UBS. The research is based on detailed analyses of batteries from the seven largest manufacturers.

Conventional Car Manufacturers Reluctant for Change

Major manufacturers are hesitant to shift production from their profitable internal combustion engine models to electric cars due to expensive batteries, which are almost exclusively made by companies in East Asia, such as South Korea’s LG Chem, Japan’s Panasonic, and rival Chinese CATL.

Batteries account for between a quarter and two-fifths of the total vehicle cost. The bank states that manufacturers trying to cling to ICE sales risk being left behind by rivals like Tesla and Volkswagen, the largest automaker in the world by volume, which has committed to investing €33 billion in electric car sales.

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The Shift to Electric Cars Is Inevitable

Over seven million electric cars are currently in operation worldwide. This is a significant increase from the 20,000 that were in use a decade ago. Governments are betting on expansion.

Norway plans to ban the sale of new internal combustion engine cars by 2025, with the Netherlands doing the same by 2030. Still, there are several barriers to overcome beyond cost. A study earlier this year showed that a fleet of 350 million EVs would increase the annual demand for electricity by 41% of current levels. This would require significant investment in new infrastructure and new power plants, some of which would operate without fossil fuels.

The shift to electric cars would also impact the demand curve, showing how the demand for electricity increases and decreases throughout the day, which would make managing the national grid more difficult. At the same time, researchers claim there may be technical challenges regarding the supply of materials such as lithium needed for vehicle batteries.

Electric Car Prices Will Be Equal To Conventional Cars In 2024

Starting in 2024, electric cars are expected to have the same production cost as conventional vehicles with internal combustion engines, which could result in a drop in the prices of sustainable models.

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Conventional Car Manufacturers Reluctant for Change

The Shift to Electric Cars Is Inevitable

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Electric Car Prices Will Be Equal To Conventional Cars In 2024

Starting in 2024, electric cars are expected to have the same production cost as conventional vehicles with internal combustion engines, which could result in a drop in the prices of sustainable models.

Read Also

Conventional Car Manufacturers Reluctant for Change

The Shift to Electric Cars Is Inevitable

With billions in loans, China is rebuilding Nigeria’s railway network from scratch, abandoning the British colonial tracks that have turned to scrap and creating a corridor of over 1,300 km to take the load off the roads of Africa’s largest economy.

China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

Forget petroleum-based asphalt: a Scottish company transforms 684,000 plastic bottles into one kilometer of road that is 60% more resistant and up to 10 times more durable, and the technology has already started replacing traditional asphalt in more than 30 countries.

A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

A robot named Walter does the work of five bricklayers per hour and can save the construction industry, where the average age of professionals is 46 years and almost no one wants to learn the trade anymore, in the United Kingdom.

The James Webb telescope spotted a planet 700 light-years from Earth with mornings full of sand clouds and nights with clear skies, the temperature difference between the two hemispheres reaches an impressive 170 degrees.

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