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Are electric vehicles getting cheaper?

It is well-known that electric vehicles are cheaper to run than petrol and diesel vehicles, but are more expensive to buy upfront.

Is this about to change?

The reduction in cost of EV production

One of the most expensive aspects of an EV to produce is the battery. With the increase in competition around EV production as well as technology companies and start-ups taking advantage of government grants and incentives, the price of EV batteries is decreasing.

Also, the general increase in competition - primarily due to the impending ban on new ICE cars in 2030 - has led to more production lines and general momentum in the motoring industry.

To learn more about which car companies are going all-electric, read our blog here.

The 2030 ban means that major car manufacturers are battling to offer the best EV choices as we head into the Net Zero future of motoring. JLR, Porsche, BMW, Mercedes, Toyota, Kia and many more companies are helping to drive down the cost of EVs.

In contrast, petrol and diesel cars are increasing each year with inflation, as well as falling prey to the further introductions of Clean Air Zones across the country. All this means that the rift between the price of EVs versus ICE vehicles is narrowing.

The second-hand EV market

The introduction of EVs to businesses and commercial fleets across the UK, including vans and taxis, following government incentives is expected to introduce a second-hand EV market in the coming years.

After being used for a few years, these company cars will be sold in place of newer versions. One of the main barriers to the adoption of EVs for the general population is the upfront cost of a new EV. For companies and the public alike, the introduction of second-hand EVs will be a welcome change!

Investing in commercial car chargers

Once you have decided to switch to electric vehicles, the best way to ensure the efficiency of your fleet is to have at-work car charge points.

There's a wide of chargers to choose from, so speak to our experts today at Charge And Recharge.


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