Barriers facing electric and hybrid vehicles entering the current market will lessen by 2030 as costs are expected to reduce significantly aiding competition with normal motor vehicles.
Speaking at the Low Carbon Vehicle Partnership event in London yesterday, Alex Stewart of Element Energy said change was expected after 2020.
The consultant said: “In terms of total cost of ownership, cost is due to fall significantly between internal combustion engines and plug-ins. By 2030 the central capital cost component of all types of car will be much more narrow.”
Currently electric vehicle batteries cost over £600. By 2030 Stewart projects this to be under £200