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.
Rallying oil prices, with Brent Crude topping $85 a barrel this week, come just as the number of global offerings of EVs next year is expected to rise by 20 percent to 216 models, research by Bloomberg NEF shows.
“The higher the price of oil the more tailwind we’re going to have behind electric cars,” Bloomberg quoted Carlos Ghosn, chairman of Renault and Nissan Motor, as saying at the Paris Motor Show this week.
Read more at Oil Price Rally Boosts Electric Car Sales
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