The cost of making electric cars will reach parity with internal combustion cars by around 2025/26, the head of Envision Racing has forecast
With society constantly striving to increase #sustainability and move towards a greener world, the use of electric cars is playing a significant role in this push for less emissions.?Thanks to these technological developments and constant #innovations in the industry, the boss of Teijin partner Envision Racing Formula E Team has forecast the cost of making electric cars will reach parity with internal combustion cars by around 2025/26.
This step is expected to accelerate the motor industry's transition to cleaner, greener vehicles. Sylvain Filippi , Managing Director of Envision Racing, states that with the cost of manufacturing internal combustion vehicles increasing, it will soon be cheaper to manufacture #electricvehicles (#EVs) than traditional petrol or diesel cars.
Envision Racing are renowned in the #automotive industry for being a leader when it comes to forward thinking in the electric vehicle field thanks to their Formula E credentials with a race win during 2022 in New York and being a top 5 team overall in the season.
"In 2025/2026 ... you'll start to see parity on the supply side, in developed countries," Filippi said during an interview at a climate conference in October 2022, adding that sticker price parity meant the total cost of ownership would be lower and the popularity furtherly increased on what is already a key #sustainable market.
"That's the tipping point. When that happens and we can manufacture these cars at scale, then the floodgates will open," Filippi explained.
"At that stage, buying an internal combustion car will be a very bad idea because the original value of these cars will be nothing. It will become a really bad asset and I think the transition will accelerate really rapidly."
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In staggering predictions, electric vehicle sales could reach over 33% globally by 2028 and 54% by 2035 as demands accelate and popularity increases. The future is looking to be electric in the motor industry, with Teijin being a key player in developing materials and technologies to make this a sustainable solution both in terms of cost, manufacturing and #environmental impact. There is an expected investment of at least $526 billion on Electric vehicles and batteries from 2022-2026.
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