Quantcast
Environmental News for a Healthier Planet and Life

Help Support EcoWatch

Bloomberg: The Electric Car Revolution Is Here to Stay

Business

Within six years, the cost of owning an electric car will be cheaper than purchasing and running a petrol or diesel model. That’s the conclusion of a report on the fast-expanding electric car market by Bloomberg New Energy Finance.

The report says that even if petrol or diesel driven cars improve their fuel efficiency over the coming years, the cost of owning an electric car—buying it and running it—will be below that of conventional vehicles by 2022.

The cost of owning an electric car—buying it and running it—will be below that of conventional vehicles by 2022. Photo credit: Wikipedia

The increased sale of electrically-powered cars is seen as an important element in the fight against climate change. CO2 emissions from vehicles fueled by petrol and diesel cause a build-up of greenhouse gases and, especially in cities, pollution from exhausts causes serious damage to health.

Worldwide Sales

Bloomberg says electric vehicle (EV) sales worldwide reached just under half a million in 2015—a 60 percent rise on the previous year. Although electric-powered cars make up only one percent of the global vehicle total at present, it is predicted that worldwide EV sales will be more than 40 million by 2040, making up approximately 35 percent of all light duty vehicle sales.

 

The report’s authors say developments in battery technology are one of the key factors driving the downward trend in prices in the electric car market.

“At the core of this forecast is the work we have done on EV battery prices,” said Colin McKerracher, a Bloomberg analyst.

Lithium-ion battery costs have already fallen by 65 percent since 2010, reaching $350 per kilowatt hour (kWh) last year. We expect EV battery costs to be well below $120 per kWh by 2030 and to fall further after that as new chemistries come in,” added McKerracher.

To date, two types of electric car have been produced for the mass market: a battery electric vehicle (BEV) is solely dependent on batteries for power, while a plug-in hybrid electric vehicle (PHEV) uses a combination of rechargeable batteries and a conventional engine as back-up.

Recent improvements in battery technology mean that a BEV can travel up to 200 miles without recharging.

Electric vehicle manufacturers say that as more sales are achieved, manufacturing costs will drop as economies of scale are achieved.

Various electric-powered sports models manufactured in the U.S. and Europe have tended to grab the headlines recently, but the main sales growth in future is likely to take place in China.

At present, the U.S. continues to be the world’s biggest EV market, although it is Japan’s Nissan Leaf that heads electric car sales.

The government in China, faced with tackling serious pollution problems in many cities, is giving big subsidies to the country’s electric car manufacturers.

Incentives to Buyers

It is also offering incentives to buyers, in terms of lower insurance premiums and road taxes, discounted charging facilities and access to urban road networks when other vehicles are banned due to high pollution levels.

Xindayang, a Chinese manufacturer, is marketing electric vehicles in China at a cost of $10,000—much cheaper than EVs elsewhere.

Chinese EV manufacturers have global ambitions. Faraday Future, a China-backed EV maker, recently announced plans to invest more than a billion dollars in a manufacturing plant in the U.S.

China is also investing heavily in the necessary infrastructure for EVs. The State Council—the main law-making body in China—announced last year that facilities would be developed to handle up to five million plug-in vehicles by 2020.

YOU MIGHT ALSO LIKE

Koch Brothers Plotting Multimillion Dollar War on Electric Vehicles

Elon Musk Shows His Love for Dramatic Tesla Video With Powerful Message

The Ultimate in Off-Grid Transportation: Mini-Fleet-in-a-Box

Driving Cars Powered by Organic Solar Cells Might Be Closer Than You Think

EcoWatch Daily Newsletter

Residents plant mangroves on the coast of West Aceh District in Indonesia on Feb. 21, 2020. Mangroves play a crucial role in stabilizing the coastline, providing protection from storms, waves and tidal erosion. Dekyon Eon / Opn Images / Barcroft Media via Getty Images

Mangroves play a vital role in capturing carbon from the atmosphere. Mangrove forests are tremendous assets in the fight to stem the climate crisis. They store more carbon than a rainforest of the same size.

Read More Show Less
UN World Oceans Day is usually an invite-only affair at the UN headquarters in New York, but this year anyone can join in by following the live stream on the UNWOD website from 10 a.m. to 5 p.m. EST. https://unworldoceansday.org/

Monday is World Oceans Day, but how can you celebrate our blue planet while social distancing?

Read More Show Less
Cryptococcus yeasts (pictured), including ones that are hybrids, can cause life-threatening infections in primarily immunocompromised people. KATERYNA KON/SCIENCE PHOTO LIBRARY / Getty Images

By Jacob L. Steenwyk and Antonis Rokas

From the mythical minotaur to the mule, creatures created from merging two or more distinct organisms – hybrids – have played defining roles in human history and culture. However, not all hybrids are as fantastic as the minotaur or as dependable as the mule; in fact, some of them cause human diseases.

Read More Show Less
National Trails Day 2020 is now titled In Solidarity, AHS Suspends Promotion of National Trails Day 2020. The American Hiking Society is seeking to amplify Black voices in the outdoor community and advocate for equal access to the outdoors. Klaus Vedfelt / DigitalVision / Getty Images

This Saturday, June 6, marks National Trails Day, an annual celebration of the remarkable recreational, scenic and hiking trails that crisscross parks nationwide. The event, which started in 1993, honors the National Trail System and calls for volunteers to help with trail maintenance in parks across the country.

Read More Show Less
Indigenous people from the Parque das Tribos community mourn the death of Chief Messias of the Kokama tribe from Covid-19, in Manaus, Brazil, on May 14, 2020. MICHAEL DANTAS / AFP / Getty Images

By John Letzing

This past Wednesday, when some previously hard-hit countries were able to register daily COVID-19 infections in the single digits, the Navajo Nation – a 71,000 square-kilometer (27,000-square-mile) expanse of the western US – reported 54 new cases of what's referred to locally as "Dikos Ntsaaígíí-19."

Read More Show Less
World Environment Day was put into motion almost fifty years ago by the United Nations as a response to a multitude of environmental threats. RicardoImagen / Getty Images

It's a different kind of World Environment Day this year. In prior years, it might have been enough to plant a tree, spend some extra time in the garden, or teach kids the importance of recycling. This year we have heavier tasks at hand. It's been months since we've been able to spend sufficient time outside, and as we lustfully watch the beauty of a new spring through our kitchen's glass windows, we have to decide how we'll interact with the natural world on our release, and how we can prevent, or be equipped to handle, future threats against our wellbeing.

Read More Show Less

Trending

Experts are worried that COVID-19, a primarily respiratory and airway disease, could have permanent effects on lungs, inhibiting the ability for divers to continue diving. Tiffany Duong / Ocean Rebels

Scuba divers around the world are holding their metaphorical breath to see if a coronavirus infection affects the ability to dive.

Read More Show Less