Mobility

Electric vehicle prices declining as average range goes up

average range

Photo: Pixabay/stux

Published

June 10, 2020

Country

Comments

0

Share

Published:

June 10, 2020

Country:

Comments:

0

Share

The prices of electric vehicles have been declining, while their average range has grown, making them more attractive to customers, according to a report by Lux Research, a US-based provider of tech-enabled research and advisory services.

Battery electric vehicles (BEV) are consistently making progress on how far they can go, with the average range now 230 miles (about 370 km), according to Chris Robinson, a senior analyst at Lux Research. At the same time, the average suggested retail price decreased from USD 42,189 in 2016 to USD 33,901 in 2019, he says.

The automotive industry is under pressure to reduce emissions, both from governments and consumers, and electrified powertrains are a promising avenue to achieve that goal, according to the report.

Electric vehicles could account for over 50% of all car sales by 2040

Lux Research predicts that it will take until between 2035 and 2040 for electric vehicles to make up more than half of all vehicle sales, while it also believes that the impact from the COVID-19 pandemic will only cause short-term setbacks.

Electric vehicles remain more expensive and less convenient to use than their nonelectric counterparts, but technology will continue to close this gap, says Robinson. As carmakers continue to improve charging speed and reduce battery size, more consumers are expected to opt for electric cars.

Carmakers are focusing on making electric BEVs profitable

Almost all automakers now sell some form of BEV, so their focus has shifted to making them profitable, according to Lux. The report’s authors believe automakers should focus on their battery supply chain, given that battery shortages have already caused some to reduce their production plans.

This issue will only be exacerbated over the coming years as more electric vehicles come to market, and automakers should seek to secure raw materials such as cobalt and lithium for their future vehicles, according to Lux.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

EU Alliance for Zero Emission Aviationhydrogen electrification

EU’s Alliance for Zero Emission Aviation to work on hydrogen, electrification

27 June 2022 - The EU said the Alliance for Zero Emission Aviation would accelerate the development of electric and hydrogen-powered aircraft

European Parliament delays decision carbon border tax CBAM

European Parliament delays decision to introduce carbon border tax – CBAM

08 June 2022 - The European Parliament rejected a set of law proposals within the Fit-for-55 climate package including the CBAM carbon border tax scheme

Priority new Government Slovenia energy crisis

Priority of new Government of Slovenia is to tackle energy crisis

06 June 2022 - Prime Minister Robert Golob promised everyone would take their fair share of the burden from rising food and energy prices

Croatian supercar maker Rimac gets EUR 500 million from investors

Croatian supercar maker Rimac gets EUR 500 million from investors

01 June 2022 - Croatian electric vehicle producer Rimac Group's estimated valuation increased to more than EUR 2 billion