Could EVs start to displace fossil fuel-driven vehicles within five years?

With almost a decade having passed since electric vehicles hit public roads, the price of battery packs has dropped 87% since 2010, according to a report by Bloomberg New Energy Finance. With rising efficiency and evolving supply chains, the market research group suggests cumulative demand will bring prices down to parity with internal combustion engine vehicles by 2024.In 2010, electric vehicle (EV) battery prices came in at $1,100/kWh - this year they are averaging less than $156/kWh, according to market research company Bloomberg New Energy Finance (BNEF). The plummeting cost of lithium-ion ...

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