{"id":250914,"date":"2022-07-14T15:06:00","date_gmt":"2022-07-14T12:06:00","guid":{"rendered":"https:\/\/auto.inform.com.de\/?p=250914"},"modified":"2022-04-12T08:33:08","modified_gmt":"2022-04-12T05:33:08","slug":"in-3-years-electric-cars-will-be-cheaper-than-gasoline-and-diesel-cars","status":"publish","type":"post","link":"https:\/\/auto.inform.com.de\/en\/in-3-years-electric-cars-will-be-cheaper-than-gasoline-and-diesel-cars\/","title":{"rendered":"In 3 years, electric cars will be cheaper than gasoline and diesel cars"},"content":{"rendered":"

By 2024, electric vehicles will cost as much as conventional combustion engine vehicles by 2024, according to new research from UBS bank, significantly accelerating the global transition from fossil-fuel vehicles to electric vehicles. The reason is falling battery prices. This, in turn, will lead to an accelerated decline in demand for oil, since about 60% of its world production is now spent on fuel production.<\/strong><\/p>\n

The incremental cost of producing batteries for electric vehicles, which increases their cost compared to gasoline and diesel vehicles, will drop to $1,900 per vehicle in 2022 and disappear completely by 2024, according to a study by investment<\/a> bank UBS. It is based on a detailed analysis of batteries from seven major manufacturers, writes the Guardian.<\/p>\n

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Achieving price parity with internal combustion engines (ICEs) is seen by experts as an important sign of a worldwide shift away from fossil fuels.<\/p>\n<\/blockquote>\n

Major automakers are still wary of phasing out profitable ICE vehicles and switching to electric propulsion due to the high cost of batteries, which are almost exclusively produced by Asian companies: LG Chem, Panasonic, CATL. Their cost is now between a quarter and two-fifths of the cost of producing an electric car.<\/p>\n

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UBS expects battery prices to fall below the psychological $100\/kWh mark by 2022. And those auto companies that do not have time to reorient production risk being among the outsiders and never catching up with Tesla and Volkswagen, the largest manufacturers of electric vehicles today.<\/p>\n<\/blockquote>\n

“By 2025, there will be little reason to buy a car with an internal combustion engine,” said UBS analyst Tim Bush. In his opinion, the decline in battery prices will also eliminate the need for hybrid cars that combine batteries with a classic engine.<\/p>\n

The rapid decline in battery costs is expected to lead to a faster transition to electric vehicles than previously expected. Sales of electric vehicles are already skyrocketing in the EU and China, despite the blow to the car market caused by the coronavirus pandemic.<\/p>\n

Matthias Schmidt, an independent automotive analyst, has predicted that a million electric and hybrid vehicles will be sold in the EU in 2020, out of a total market of 11 million.<\/p>\n

Globally, UBS says that by 2025, the market share of electric vehicles will reach 17%. By 2030, electric vehicles should account for 40% of global sales.<\/p>\n

All this will entail unpleasant consequences for oil producing companies and oil refining. They expect oil demand to remain high for at least another 20 years before slowly declining. But the rapid fall in EV battery prices could dramatically accelerate this scenario.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

By 2024, electric vehicles will cost as much as conventional combustion engine vehicles by 2024, according to new research from UBS bank, significantly accelerating the global transition from fossil-fuel vehicles to electric vehicles. The reason is falling battery prices. This, in turn, will lead to an accelerated decline in demand for oil, since about 60% […]<\/p>\n","protected":false},"author":1,"featured_media":210165,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[815],"tags":[],"class_list":["post-250914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekolohichnist-ta-ekonomichnist-en"],"_links":{"self":[{"href":"https:\/\/auto.inform.com.de\/en\/wp-json\/wp\/v2\/posts\/250914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/auto.inform.com.de\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/auto.inform.com.de\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/auto.inform.com.de\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/auto.inform.com.de\/en\/wp-json\/wp\/v2\/comments?post=250914"}],"version-history":[{"count":0,"href":"https:\/\/auto.inform.com.de\/en\/wp-json\/wp\/v2\/posts\/250914\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/auto.inform.com.de\/en\/wp-json\/wp\/v2\/media\/210165"}],"wp:attachment":[{"href":"https:\/\/auto.inform.com.de\/en\/wp-json\/wp\/v2\/media?parent=250914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/auto.inform.com.de\/en\/wp-json\/wp\/v2\/categories?post=250914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/auto.inform.com.de\/en\/wp-json\/wp\/v2\/tags?post=250914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}