Mark your calendars—the electric vehicle revolution is now scheduled for 2022, according to a new report from research firm Bloomberg New Energy Finance.
EVs, the report projects, will cost less than combustion vehicles in just six years, largely due to a steady drop in the price of batteries, which are by far the biggest financial hurdle in EV production.
This is good news. And it’s not like the EV market is standing still in the meantime. March 2016 EV sales, in fact, set an all-time record, in part due to the fact that the Chevy Volt and Nissan Leaf are all-new 2016 models. In addition, GM has managed to speed development of its affordable 200+ mile range electric Bolt to enter the market later this year (see story below). Tesla is also now poised to enter the mainstream end of the market with its just-announced Model 3. With investments in EV development now being made by almost every automaker on the planet (note also those by Ford and Chrysler below), it sure looks like we’re putting the pieces in place for the impending electric revolution.
That 2022 date comes with a big asterisk, however. As noted in Wired magazine, the report’s findings assume continued government support of consumer incentives, additional development of new charging station infrastructure, and aggressive marketing by automakers and dealers. In other words, the success of EV’s in the market still requires the active support of government, utilities and the auto industry to make it happen.
That means we’ll need more consumer incentives like those recently adopted in New York state, and proposed in Minnesota. Or City-based initiatives like the recently announced Drive Clean Seattle and the “EV Ready” building codes adopted in Denver that will make it cheaper to install electric vehicle charging stations.
So, let’s get to work. There’s an EV Revolution waiting. . .
Until next time.
Climate & Energy Program Director
The Ecology Center