Electric vehicles are currently significantly more expensive than traditional gasoline cars, but that is expected to change dramatically in this decade.
The latest research shows that some electric vehicles will be cheaper to manufacture than gasoline models by 2026.
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Electric vehicles will become cheaper than gasoline versions by the middle of this decadeCredit: Alamy
Are electric cars getting cheaper?
Research by BloombergNEF shows that larger vehicles like electric sedans and SUVs will be just as cheap to produce as gasoline and diesel models by 2026.
Small electric cars are expected to reach this threshold in the following year.
The falling costs in the production of batteries for electric vehicles, combined with their own production lines in the factories of the car brands, should primarily push the price down – and that without government subsidies.
How much do electric cars cost?
Currently, the average pre-tax price of a midsize electric car is £ 28,914 compared to £ 15,800 for a gasoline car.
However, by 2026, both are set to cost around £ 16,200.
Electric car prices are expected to continue to fall.
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By 2030, the same electric car is expected to cost £ 13,900 before tax, while the gasoline car would cost £ 16,200.
A study commissioned by Transport & Environment, a Brussels-based not-for-profit organization that campaigns for cleaner transport in Europe, found that prices for new batteries will fall by 58 percent between 2020 and 2030.
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A study shows that prices for new batteries will drop by 58 percent between 2020 and 2030Credit: Alamy
Which companies make electric cars?
According to Motor Trend, there are currently numerous companies that make electric cars and vehicles that can now be bought with many other brands and are set to hit the market in the next few years.
- Aspark – owl
- Audi – E-Tron SUV and Sportback
- BMW – i3
- Buick – Velite 6 SUV, Velite 6 Plus, Velite 7
- Chevrolet – Bolt EV
- Ford – Mustang Mach-E
- Honda – E
- Jaguar – I-Pace
- Kia – Soul EV, Niro EV
- Lexus – UX300e
- Lotus – Evija
- Mercedes-Benz – EQC
- Mini – Cooper SE
- Nissan – sheet, sheet +
- Pininfarina – Battista
- Polar Star – 2
- Porsche – Taycan
- Rimac – C Two
- Rivian – R1T, Prime Van
- Tesla – Model 3, Model Y, Model S, Model X
- Volkswagen – ID3, ID4
- Charging Volvo – XC40
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