EV price parity to fossil fuel equivalent vehicles is now estimated to be about three years away.

The latest Bloomberg New Energy Finance (BloombergNEF) study backs findings from Deloitte made earlier this year, that price parity would be achieved by 2022. In 2018 BloombergNEF put the price parity at 2024, two years earlier than its 2017 prediction.

The tipping point of early 2020s was also issued by Consultancy McKinsey and Company.

2022 is the expected timeframe for large vehicles in the European Union, according to overseas reports which attribute much of the cost reduction to the declining price of EV batteries, motors, inverters and power electronics, which could cost up to 30% less in about 10 years.

That means many other vehicles previously impractical to convert to electric can be switched over, including construction vehicles, ships and planes.

In addition, we are seeing a shift from large vehicle manufacturers and oil companies to electric transport options and charging solutions respectively.

Source: http://evtalk.com.au/ev-price-parity-closer/

3 May 2019