Cost of EVs to Match Internal Combustion Engine Cars by 2022
What's more, the accounting firm predicts that another 21 million electric cars will be on the road globally over the next decade due to growing market demand for clean transportation, government subsidies, as well as bans on fossil fuel cars.
All-electric cars (versus plug-in hybrids, for instance) will account for 70 percent of total electric vehicle market by 2030, the analysis says.
Cheaper prices is another factor that could boost consumer demand. Cost is often cited as a major barrier to mass adoption, but the report says that ownership cost of battery electric vehicles will match gasoline and diesel cars in the United Kingdom by 2021 and globally by 2022.
That's Deloitte's most hopeful prediction. Under less ideal conditions, it could take until 2024 for the cost to own a battery electric vehicle to be on par with traditional internal combustion engine cars, the company notes.
Other reports have also suggested that electric car sales will accelerate rapidly, which is positive news for the environment and public health. These cars help reduce tailpipe emissions that contributes to harmful air pollution and climate change.
However, Deloitte forecasts a global glut of 14 million vehicles as manufacturers' investment in capacity outpaces consumer demand by 2030.
"This gearing up of EV production is driving a wide 'expectation gap' and manufacturers, both incumbent and new entrants alike, will need to adapt towards this new competitive landscape," Michael Woodward, UK automotive partner at Deloitte, said in a press release.
"Those that can successfully build trust in their brand, ensure a positive customer experience from initial sale through to aftercare, and reflect consumer shifts towards the sharing economy in future business models will successfully navigate this," Woodward continued. "Equally, continual investment in engineering talent and the formation of partnerships with bespoke battery producers and third-party mechanic networks will also be important."
Many of the world's biggest automakers are shifting away from traditional internal combustion engines to charging.
On Tuesday, Toyota announced new efforts to move its electric lineup by pairing up with Panasonic, the world's largest manufacturer of lithium-ion battery cells. Panasonic also supplies batteries for Tesla's electric cars.
The move comes after regional authorities declared a state of emergency over the weekend after sightings of more than 50 bears in the town of Belushya Guba since December.
This year's letter from Bill and Melinda Gates focused on nine things that surprised them. For the Microsoft-cofounder, one thing he was surprised to learn was the massive amount of new buildings the planet should expect in the coming decades due to urban population growth.
"The number of buildings in the world is going to double by 2060. It's like we're going to build a new New York City every month for the next 40 years," he said.
By Shana Udvardy
After a dearth of action on climate change and a record year of extreme events in 2017, the inclusion of climate change policies within the annual legislation Congress considers to outline its defense spending priorities (the National Defense Authorization Act) for fiscal year 2018 was welcome progress. House and Senate leaders pushed to include language that mandated that the Department of Defense (DoD) incorporate climate change in their facility planning (see more on what this section of the bill does here and here) as well as issue a report on the impacts of climate change on military installations. Unfortunately, what DoD produced fell far short of what was mandated.
Trump is losing his rallying cry to save coal. The Tennessee Valley Authority (TVA) voted on Thursday to retire two coal-fired power plants in the next few years despite a plea from the president to keep one of the plants open.
Earlier this week, the president posted an oddly specific tweet that urged the government-owned utility to save the 49-year-old Paradise 3 plant in Kentucky. It so happens that the facility burns coal supplied by Murray Energy Corporation, whose CEO is Robert Murray, is a major Trump donor.