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Electric vehicle prices set to match traditional car prices by 2025

By Mathilda Bartholomew | April 18, 2024


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As battery tech improves and demand grows, prices are expected to drop quickly.

Electric vehicle prices set to match traditional car prices by 2025

Think of electric cars like smartphones: it took time for the tech to advance and prices to fall. Now, everyone from kids to grandparents has a smartphone glued to their hand.

Early adopters are key for e-mobility. Soon, electric cars will be the new norm, just like smartphones. But one big hurdle is their price, along with worries about range and charging. By 2025, though, prices are expected to match those of traditional cars.

Predictions for electric vehicle prices depend a lot on demand and battery costs. As battery tech improves and demand grows, prices should drop quickly.

We've already hit a milestone: in the UK, US, and Japan, electric cars are cheaper to own than ICE ones. This includes everything from buying to fuel to maintenance. Electric cars have lower charging and upkeep costs, which helps balance out the initial price difference over time.

Some say price parity could happen this year. Bloomberg New Energy Finance predicts electric car prices will match traditional cars by 2025. So, just like smartphones, electric cars are on track to become commonplace sooner than you might think.

Read Regit's list of top 10 cheapest electric cars of 2024 here.

Would a significant drop in electric car prices be enough to tempt you to switch to electric? Let us know your thoughts in the comments...

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