Armen Hareyan's picture

Will EV Prices Match ICE Vehicles in 10 Years?

What is more important the price or the extended range, when it comes to electric cars? Electric car drivers debate that price is as important as the range when it comes to EVs. Do you think with the improved range and batteries the price of an electric vehicle may match the ICE price within ten years?

In a debate, under our discussion at the Tesla Model S Owners Club the sentiment is that the electric car manufacturers need to bring the price down before they extend the range. One commenter says he knows "plenty of people who won't buy any EV because they are all just too expensive. Over the past 4 years the specs of the EVs have gotten better but their price has not come down significantly, especially the Nissan LEAF. People would really rather buy a 50 mile range $15,000 car than a 100 mile range $30,000 car."

We had a comment by Andrew Diamond, a TorqueNews reader, who wrote said that he hopes the EV prices will match or at least come close to the ICE vehicle prices. Here is why and how he explains it.

"I expect the price of an EV will come down to be the very close to the same as an ICE vehicle in the next 10 years, as batteries become less expensive. While the battery will still cost some money, since the motor is so much simpler than an ICE engine (and all the accessories), the total costs will be about the same (or within $2-3k) such than an EV will have a difference in price similar to the difference between a 4 cylinder and 6 cylinder option on a car," Diamond writes.

Do you think with the improved battery, range and technology development cars like Tesla Model S, Nissan LEAF, Chevy Volt and Honda Fit will match the prices and ranges Toyota Camry, Honda Accord and Nissan Altima withing ten years?

Also See: As EV battery prices fall, is greater range or lower cost more important?

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He's right! When batteries can be made for the price of an internal combustion engine, it's game on. And battery costs are on a downward trend that will reach parity around 2018 if not sooner. But a Tesla Model S is always going to cost as much as a Mercedes S class.