Electric vehicle integration in the market is taking a new direction. According to recent reports, prices of the market are set to significantly by 2022. This outcome is because of changes in the battery manufacturing process that allowed it to be produced at a lower price. Considerably reducing the prices will lead to lower EV prices.
Likewise, significant price drops in batteries ergo EV’s results in quicker adoption of EVs into the market. Similarly, there are indications that notable players in the conventional internal combustion engine manufacturing industry are shifting to electric vehicles. Tesla is currently the go-to party for EVs in range and battery capacity. Its middle-class sedan is the highest-selling EV with a record 200,000 sales. However, Volkswagen recently announced its interest in entering the leaving market when it highlighted its £33 billion investment in developing electronic vehicles
Major players in the economy highlight the internal combustion engine’s chances of survival after 2025 look slim. This announcement also brings changes in EV product lines as it eliminates the need for electric hybrids
Currently, the price difference between electric vehicles and modern internal combustion engines is still noticeable. Looking at the Volkswagen product line, there is a significant price difference-comparing market price of the Volkswagen Golf to the recently launched electric ID-3. The ID-3 being Volkswagen’s first mass-market electric vehicle, retails at £29,990 while the Golf’s latest IC variant retails at £20,280.
The price difference is very apparent from a consumer standpoint, warranting whether the additional costs warrant the need to adopt an electric vehicle. In that relation, other Claire’s in the manufacturing industry is also affected by this price difference. Jaguar is the Leading automaker in the UK. In retrospect, its electric entry in the market, the Jaguar I-Pace, starts at a retail price of 64495 euros while its electric variant, the Jaguar F-Pace which retails at 44845
The dropping prices of car batteries is a good indication for electric vehicles as experts predict EVs will take up 17% market share by 2025, which is set to rise to 40% by 2030. Europe has announced projects to subsidize electric batteries while encouraging its native car manufacturers to develop better battery technology. A recent start-up in the UK Britishvolt has declared itself a candidate for developing native EU batteries. The company plans to build a gigafactory to start operations; however, the government speculates that the market needs eight gigafactories to fill the void left by the traditional car manufacturers