Electric vehicles are seeing an almost meteoric rise in sales. In the past 2 years, EV sales have risen from 320,000 units annually to over 770,000 units.
However, that rise could be aided by a major development according to investment bank UBS. According to their new report, the total cost of ownership in an EV is set to reach parity with gas vehicles in 2018. The total cost of ownership includes the higher cost of buying an EV, but also includes the lower running costs that offset the original cost.
After this, electric vehicles will then cross and become a lower cost option. That's a real turning point for EV's, where owning one actually saves you money over the course of it's life. The report also predicts EVs will represent 14% of total vehicle sales by 2025, a 50% boost from the previous estimate. With how often estimates have been getting lifted, we can expect it may happen even sooner than that.
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