Based on the UBS’s new research the electric cars will cost the same to make as conventional cars, with internal combustion engines, by 2024 and an acceleration in the shift away from fossil fuel vehicles may be imminent, writes The Guardian. It’s anticipated that the extra cost of manufacturing battery electric cars versus their fossil fuel equivalents will diminish to just $1,900 per car by 2022, and disappear completely by 2024. The rapid reduction of battery costs is expected to trigger a faster switch to electric vehicles than previously expected, reads the article.
Electric vehicle sales are already booming in the EU, China, and Ukraine despite the hit to the car market caused by the coronavirus pandemic.
Ukraine’s electric cars market growth has been one of the highest in Europe
Ukraine’s electric car market has shown significant growth in recent years. In 2020 the number of electric cars has grown by 375% since 2018. It’s estimated that by 2025 there will be over 50,000 cars. Ukraine has the biggest number of public charging points compared to its nearest EU countries – over 8,500 (a 57% increase in 2020 compared to the same period in 2019). In order to facilitate the growth of the local electric cars market, Ukraine has already started the development of the incentives, including the import duty exemption.