Newer and cheaper electric cars are putting conventional cars in a bind. How will the industry keep up?
When electric cars started to become more of a n actual thing than a concept from the 1990s, the one thing people noticed: skyhigh pricing. Now, with the advent of automation and efficient production, cheaper electric cars are becoming a reality. Are they poised to take over conventional gas-powered cars? Yes, actually.
Falling Fast, For A Good Reason
Bloomberg reported that companies like Renault SA and Tesla have long been touting cheaper electric car fuel and running costs, and companies like Toyota, Ford and GM have been developing their electric car tech over the years too. The higher upfront costs have kept some car buyers at bay, but not research shows that cheaper electric cars are actually set to take over traditional gas-powered ones.
Falling battery costs are resulting in cheaper electric cars. By 2025 the price tag for a battery-charged car will plummet below one you have to put gas in and get that oil smell on your hand a la Tommy Boy. In fact, between now and 2030, prices for electric vehicle batteries will fall by about 77 percent. What's more, new electric vehicle costs decreased by 11% since 2016 like the Tesla Model 3 (310-mile single charge) coming in at $35,000 and the Chevy Bolt at $38,000.
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Hitting The Streets
Renault is predicting that by the early part of the next decade newly purchased cheaper electric cars will equal the amount of new gas-powered cars on the road. Even though electric vehicles seem a little pricier upfront still, it doesn't take into account the fact that gas-powered cars cost more to take care of. From lower costs on maintenance and charging, cheaper electric cars are looking pretty good right now.
Even if cheaper electric cars become more sought-after in the car market, are companies going to take gas away completely? Will lifted truck drivers get the same thrill out of a silent whir as they would a loud, black cloud-enveloped roar when they punch their exhaust? No. No, not at all. But they'll save money.
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