DATA SUGGESTS EVS COULD COST THE SAME AS FOSSIL-FUELLED CARS BY 2021

Did that headline make you do a double-take? Well, according to Deloitte, it's no joke that the cost for EVs could be the same as their petrol and diesel counterparts in just a couple of years.

New data pulled from Deloitte's research suggests that by 2024, if not sooner, prices for EVs will creep closer to their fossil-fuel burning cousins. By 2030 production may outstrip demand for electric-powered vehicles which, in turn, will bring the cost down to the point where they will be on par with their petrol and diesel counterparts.

Deloitte's analysis of motor industry data predicts the pace of global electrified and plug-in hybrid vehicle adoption is heading towards four million units in 2020 – up from two million units in 2018, which was double that of 2017 – and on towards 12 million in 2025 and 21 million in 2030.

By 2030, the company predicts that, due to customer demand for more environmentally-friendly vehicles, EVs will account for 70 per cent of the electrified car market. Governments, too, add to this number figure as they increasingly offer financial incentives to manufacturers and purchasers while placing restrictions on petrol and diesel vehicles in city centres.

Michael Woodward, Deloitte's UK automotive partner, said: “This gearing up of EV production is driving a wide ‘expectation gap’ and manufacturers, both incumbent and new entrants alike, will need to adapt towards this new competitive landscape.

“Those that can successfully build trust in their brand, ensure a positive customer experience from initial sale through to aftercare and reflect consumer shifts towards the sharing economy in future business models will successfully navigate this.

“Equally, continual investment in engineering talent and the formation of partnerships with bespoke battery producers and third-party mechanic networks will also be important.”