Within the same week, two auto manufacturers announced their respective plans for an electric future. Audi reported that it would be putting its e-tron Sportback into production by the year 2019. Volvo’s Polestar, meanwhile, revealed its own plans to go electric and give the Swedish carmaker’s performance division a bit of a green side.
While all this seems quite noble, many are skeptical that this may just be a waste of funds. This is the perception as many are still wary about purchasing an electric automobile. One factor is cost—they are just too expensive. Then there is range anxiety, which leaves many afraid that they will be left by the roadside with a dead battery.
All this is set to change, says Bloomberg New Energy Finance. The study suggests that the price of electric vehicles will soon become lower than their internal combustion engine counterparts by the year 2025. The biggest factor responsible for this shift is the price of the battery.
With the battery considered as the car’s main power source, such vehicles will soon become more affordable to the average consumer. Moreover, with such vehicles having less moving parts and essentially cheaper to maintain, running costs over the long-term will likewise decrease.
As batteries become cheaper, new technologies are also expected to enter the scene. These include longer-range batteries that allow for greater distances on a single charge. These may even become at par or exceed their gasoline counterparts. Then there is the wider availability of charging stations, along with a wider choice of charging options. All this in the name of ensuring that one will not be left by the wayside with a dead motor.
As the year 2025 fast approaches, we can expect more carmakers to join Audi and Volvo/Polstar on the electric bandwagon. Question is: Are you ready to go electric?