All EV makers will have one common element that could help lift demand for battery vehicles—rising oil prices leading to fuel prices at four-year highs.
Tesla’s competition is about to get more crowded next year with many legacy automakers and luxury brands launching a record number of battery electric vehicles and plug-in hybrids.
All EV makers will have one common element that could help lift demand for battery vehicles—rising oil prices leading to fuel prices at four-year highs, which could turn consumers towards EVs.
To be sure, charging infrastructure and range are still key concerns in consumers’ minds regarding EVs, but utilities and major oil firms such as Shell and BP are already looking to expand the charging infrastructure, especially in Europe.
Battery pack prices have been dropping constantly this decade and are expected to continue to fall. In terms of cost comparison, some estimates point to battery pack costs becoming competitive with the internal combustion engine (ICE) cars by 2027.
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