The sales of electric vehicles continued to rise in Europe while the ICE car sales plummeted. This trend is because of the reduction in these cars’ prices to almost equal that of ICE cars.
The drop in electric vehicles’ prices is primarily contributed by the government subsidies and incentives, cutting over $10000 from the cash price. The car manufacturers are proposing amazing electric car deals to beat the European Union environmental regulations with the likes of Renault Zoe going for monthly payments of $164.
However, electric vehicles are sluggish in penetrating the US market because of the unfavorable policies towards this industry. The market share for the BEVs and hybrids in Europe is approaching 10% while that of the US is operating below 5% in new cars’ sales.
With electric vehicles filling the automotive market, their prices will drop and become affordable compared to ICE cars. This trend may continue even without the incentives and subsidies from the government.
Experts speculated that the electric vehicles would slowly fill up the automotive market until 2025 when they would fully take charge of the industry. However, with the expanding and upgrading technology, the trend seems to have taken effect even this year.
The auto industry’s dominant company will be the one that can compress more power into a battery. The affordability of this battery and its mileage range will determine the uptake rate of the electric vehicle hosting it.
Milan Thakore of Wood Mackenzie observed an increasing growth in the batteries’ energy densities entering electric vehicles. Additionally, the electric vehicle industry’s visible probability of witnessing enormous technological changes to the battery to develop a versatile unit can serve the car for long mileage ranges.
The electric cars will be more affordable than ICE cars considering that they do not need maintenance, oil changes, and frequent change of the equipment due to destruction by combusting oil.
Peter Rawlinson of the Lucid startup stated that it would be exciting to witness the rollout of batteries capable of navigating over one million miles in a single charge. Since batteries are the car’s main component, the batteries must have a high performance before the price assertion. Additionally, batteries must be affordable for customers or avoid electric vehicles like plagues.
Finally, The European Union has developed close to 200000 chargers of electric vehicles to ensure that they are ready for use with the growing uptake of electric vehicles. Nevertheless, the US is still slacking in its uptake of electric vehicles.