Electric vehicles are already competitive with petrol and diesel in some markets, according to a report by The Climate Group.
The finding in the “EV100 Progress and Insights Report” is based on total cost of ownership. The report points out that overall, electric vehicles are expected to reach price parity with international combustion engine vehicles, without subsidies, by 2024.
Battery pack prices fell by 85 per cent between 2010 and 2018, from $1,160 per kWh to $176 per kWh.
Helen Clarkson chief executive of the Climate Group said: “We’re reaching an exciting tipping point. The news today is very encouraging for the electric revolution and will reassure buyers of EVs that they’re making the right investment.”