Electric Car Sales Are Powering Ahead

Improved technology and falling costs are moving electric car sales into the fast lane as manufacturers are now able to achieve significant economies of scale.

Within six years, the cost of owning an electric car will be cheaper than purchasing and running a petrol or diesel model.  That’s the conclusion of a report on the fast-expanding electric car market by Bloomberg New Energy Finance.

The report says that even if petrol or diesel driven cars improve their fuel efficiency over the coming years, the cost of owning an electric car – buying it and running it – will be below that of conventional vehicles by 2022.

The increased sale of electrically-powered cars is seen as an important element in the fight against climate change.  CO2 emissions from vehicles fuelled by petrol and diesel cause a build-up of greenhouse gases and, especially in cities, pollution from exhausts causes serious damage to health.

Worldwide sales
Bloomberg says electric vehicle (EV) sales worldwide reached just under half a million in 2015 – a 60% rise on the previous year.  Although electric-powered cars make up only one per cent of the global vehicle total at present, it is predicted that worldwide EV sales will be more than 40 million by 2040, making up approximately 35% of all light duty vehicle sales.

The report’s authors say developments in battery technology are one of the key factors driving the downward trend in prices in the electric car market.

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