The cost of owning an electric vehicle will draw level with that of a fossil fuel-powered car as early as next year. According to Swiss bank UBS, this will lead to sooner than expected adoption of EVs.
An analysis by UBS concluded that the total cost of ownership, which includes fuel and other running costs, will draw level with traditionally powered vehicles next year in Europe, and in 2023 in China and 2025 in the United States.
The bank predicted an “inflexion point for demand” for battery-driven cars and raised its expectations for global electric vehicle sales by 50 percent, predicting that 14 percent or 14.2 million of all cars sold globally in 2025 will be battery driven.
Putting further pressure on petrol and diesel cars is the movement of cities and nations worldwide pledging to ban petrol cars.
The UK has announced plans to ban new diesel and petrol cars from 2040 in a bid to combat pollution, adding to a roster of nations making similar pledges.
The momentum is growing for a ban on petrol and diesel cars, especially in heavily populated urban areas where pollution levels are regularly exceeding acceptable health levels