Renault Zoe ZE 40 battery powered car. Photo: iStock

New research found that electric vehicles will be cheaper to buy in the US and Europe by as soon as 2025. The research from Bloomberg New Energy Finance forecast that battery prices, which account for around half the price of EVs, could fall by 77% between 2016 and 2030.

Gilles Normand, senior vice president for EVs at Renault spoke on the trend this month in London:

“We have two curves…One is EV technology cost reductions because there are more breakthroughs in the cost of technology and more volume, so the cost of EVs will go down. ICE [internal combustion engine] going to go up as a result of more stringent regulations especially regarding to particulate regulations.”