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EVs Quickly Become Cost Competitive With Their Gas-Powered Peers

The prices of EVs are quickly going down, soon to become tough competitors for their gas-powered peers.

Officials from the Electrification Coalition advocacy group said that short-range plug-in hybrid EVs have already become cost competitive with their internal combustion engine peers, as well as the hybrid EVs. The specialists analyzed costs of maintenance, purchase, fuel, residuals and federal tax credits, and the results showed that owning a gas-powered vehicle will be more expensive by 2024, than owning a hybrid, plug-in hybrid or pure electric vehicle.
“In this analysis, we also saw that battery electric vehicles should have a total cost of ownership that is competitive with internal combustion engines in 2017,” said Jonna Hamilton, the coalition’s vice president of policy.


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