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Car Charging Group’s Farkas to Moneynews: Electric Car Price Parity May Come in 2015

Electric cars will fall in price to reach equality with standard gas-powered cars by 2015 or 2016, says Michael Farkas, CEO of Car Charging Group, which provides public charging stations.

Electric cars currently can cost up to $6,000 to $7,000 more than their gas-powered brethren.

“There will be a point in time — and it’s not going to be today, and it’s not going to be tomorrow — that electric cars will be cheaper, or at least as inexpensive, as internal combustion engine cars,” Farkas tells John Bachman of Newsmax TV in an exclusive interview.

Watch our exclusive video. Story continues below.

Eventually electric cars will be mass-produced just like gasoline-based cars – from battery packs to regenerating braking systems, etc., he says. So the cost of production will be similar for both kinds of autos.

The biggest selling point for electric vehicles is that they cost 20 cents per mile to operate, compared with $1.00 for a gas car, Farkas says. “[T]here’s no question of what people will buy,” given that differential.

Some drivers shy away from electric cars because of “range anxiety,” worrying their car will run out of juice while they’re on the road. But Farkas sees this as a non-issue.

“First of all, I want to state for the record that it is a false anxiety,” he says. “Most Americans travel under 40 miles a day. So, if you have a car that goes 50 miles in electric range you have 10 miles more than you really need to go.”

But people want a longer range if necessary. “So what [Car Charging Group is] doing is strategically placing car charging stations where people drive — in between cities, on highways, at major shopping malls,” Farkas says. “So people could theoretically drive from one point to the other and constantly have their car charged.”

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