Electric cars may be cheaper than gas guzzlers in 7 years

Electric cars may be cheaper than gas guzzlers in 7 years

Electric cars may be cheaper than their petroleum counterparts by 2025 if the cost of lithium-ion batteries continues to fall.

Some models will cost the same as combustion engines as soon as 2024 and become cheaper the following year, according to a report by Bloomberg New Energy Finance. For that to happen, battery pack prices need to fall even as demand for the metals that go into the units continues to rise, the London-based researcher said on Thursday.

The clamor to roll out electric vehicles has grown louder as countries and companies race to clean up smog in their cities and hit ambitious climate goals set by the Paris Agreement.

U.K. lawmakers started an inquiry into the market in September, probing the necessary infrastructure and trying to determine whether to bring forward the 2040 deadline to end the sale of gasoline and diesel cars.

The big takeaway here is that electrical grids need to be readied for grid storage and load distribution. Generation capacity is often enough but the peaks and troughs need to be spread out with additional storage. In South Africa we're finding an excess of energy available after the country cut back on consumption, so our utility should be encouraging EV uptake, and investing more in power storage. This type of investment can't be left until the last minute.

See https://www.iol.co.za/business-report/international/electric-cars-may-be-cheaper-than-gas-guzzlers-in-7-years-13981479

#gridstorage #EV #electriccars #environment


Electric cars may be cheaper than gas guzzlers in 7 years | IOL Business Report
Electric cars may be cheaper than their petroleum counterparts by 2025 if the cost of lithium-ion batteries continues to fall.

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