Electric Cars Set to Dominate the Industry!

Within recent years, there has been an increase in electric vehicle expansion. Besides Tesla, there are currently over a dozen other corporations working on their own electric car theories. Veteran car manufacturers have fully embraced the electric car movement: Swedish car manufacturer Volvo scrapping gasoline starting in 2019, and Porsche has affirmed that 50% of its new vehicles will be EVs by 2023.

Without question, EVs are beginning to dominate the automobile market. International investment bank UBS concludes that its market influence will stem from its costs, in comparison to regular automobiles. Within a statement published in May, analysts from the bank’s “evidence lab” envisioned that EV prices will soon match those of combustion-engine cars.

As The Telegraph states, the UBS report forecasted that the “overall cost of consumer [EV] ownership can reach uniformity with combustion engines from 2018”, a progression which would likely have its genesis in Europe. “This will forge a turning point for demand. We hike our 2025 conclusions for EV sales by 50% to 14.2 million — 14% of global car sales.” UBS reached this outcome after configuring a Chevrolet Bolt EV, which is characterized as “the world’s first mass-market EV, with a travel territory of more than 200 miles.”

Electric cars aren’t the only clean energy tech that’s having a reduction in price. Renewable energy sources, like solar and wind, continue to be less costly than their fossil fuel competitors. The plummeting cost of EVs seems to be part of a larger shift towards clean energy.

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