Skip advert
Advertisement

Electric cars to cost same as petrol and diesel cars by 2022

With battery costs dropping, EV prices are set to match petrol and diesel cars by 2022.

A new report has suggested electric cars - thanks to advances in battery technology - could drop to be the same price as traditional petrol and diesel-powered cars by as soon as 2022.

According to the report by Bloomburg Business, in the last twelve months battery prices have dropped by a massive 35%, meaning they’ll soon be as cheap to produce as a current petrol or diesel-powered engine.

Advertisement - Article continues below

Electric car sales are increasing constantly - they grew by 60% worldwide last year - and by 2014, Bloomburg predicts around 35% of all new cars sold worldwide will be EVs.

The best electric cars on sale now

Considering that electric cars currently make up less than 1% of global new car sales at the moment, this looks to be an ambitious statement. However, the fact that the battery in an electric car makes up more than 30% of an electric vehicle’s cost, bringing the cost of those down will make electric cars much more attractive – especially as range increases. Bloomburg’s report suggests this will happen in 2022.

This is when the industry is expecting electric cars to achieve ‘lift-off’ in terms of sales. It’s not just the car industry that will be affected, however. The report suggests that this could lead to a reduction in demand for oil of up to 2 million barrels a day by 2023, which could lead to a massive slump in prices, which in turn could cause a major economic crisis – especially in oil-dependent economies.

Our favourite hybrid cars

Naturally, a huge proliferation in electric car sales will but the electricity supply under huge pressure too. It’s expected that by 2040, electric cars will need use about 10% of the total current global annual electricity supply every year, which means energy companies will need to find new, clean and affordable ways to produce large amounts of electrici

Skip advert
Advertisement
Skip advert
Advertisement

Most Popular

Best new car deals 2024: this week’s top car offers
Carbuyer best new car deals hero
Deals
28 Mar 2024

Best new car deals 2024: this week’s top car offers

Average speed cameras: how do they work?
Average speed cameras: how do they work?
Tips and advice
21 Mar 2024

Average speed cameras: how do they work?

Skoda Karoq review – it ticks all the family SUV boxes
Skoda Karoq SportLine
In-depth reviews
26 Mar 2024

Skoda Karoq review – it ticks all the family SUV boxes

Tips & advice

View All
Car dashboard warning lights: the complete guide
Car dashboard symbols and meanings
Tips and advice
26 Mar 2024

Car dashboard warning lights: the complete guide

Electric car charging stations: a complete guide
Public EV charge point
Tips and advice
11 Jan 2023

Electric car charging stations: a complete guide

PCP vs HP – which type of car finance is right for you?
PCP vs HP
Tips and advice
17 May 2022

PCP vs HP – which type of car finance is right for you?

Average speed cameras: how do they work?
Average speed cameras: how do they work?
Tips and advice
21 Mar 2024

Average speed cameras: how do they work?

Best cars

View All
Top 10 best car interiors
Peugeot 208 hatchback
Best cars
25 Jun 2021

Top 10 best car interiors

Top 10 best electric cars 2024
best electric cars
Best cars
28 Mar 2024

Top 10 best electric cars 2024

Top 10 best cheap-to-run cars 2024
The best cheap-to-run cars 2023
Best cars
2 Jan 2024

Top 10 best cheap-to-run cars 2024

The UK's top 10 fastest hot hatchbacks 2024
Fastest hot hatchbacks hero
Best cars
2 Jan 2024

The UK's top 10 fastest hot hatchbacks 2024