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23 Oct 20201 minute read

EVs to reach ICE parity by 2024

ECAtoday
EVs to reach ICE parity by 2024

Electric vehicles (EVs) will cost the same to manufacture as conventional internal combustion engine (ICE) vehicles as soon as 2024, according to analysis by investment bank UBS.

Thanks in part to growing uptake of EVs and a continued drop in the price of electric batteries, the extra cost of manufacturing EVs will fall to £1,470 per car by 2022, and disappear completely by 2024, according to the research.

Tim Bush, a UBS analyst, said to the Guardian, “There are not many reasons left to buy an ICE car after 2025.”