Increasing prices discourage electrical switches


Could rising electric car prices derail the government’s ambitious goals? Rising fuel costs are driving demand for new and used electric cars. So far this year, every fifth new car purchased has been a battery electric (BEV) or plug-in hybrid (PHEV).

Despite the fact that electric vehicles (EVs) are cheaper to run, the higher purchase price remains the biggest barrier to sales. But as gasoline and diesel car prices rise due to tighter emissions regulations and electric battery costs fall, the gap between the two will narrow, leading to price parity and rapid mass adoption of electric cars. Reaching a point where electric cars become cheaper without government subsidies is considered a major milestone in the transition away from fossil fuels and is expected to be reached by around 2024. Increasing prices discourage electrical switches

Fry Electronics Team

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