The more we make something, the better we get at making it and the cheaper it gets to make.
I know, you probably haven’t even driven one yet, let alone seriously contemplated buying one, so the prediction may sound a bit bold, but bear with me.
We are in the middle of the biggest revolution in motoring since Henry Ford’s first production line started turning back in 1913.
And it is likely to happen much more quickly than you imagine.
Many industry observers believe we have already passed the tipping point where sales of electric vehicles (EVs) will very rapidly overwhelm petrol and diesel cars.Why electric cars will take over sooner than you think – BBC Website – June 2021
In the early decades of petrol engine vehicles, a lot of effort and investment went into improving the key component, the engine. Now such effort and investment only makes a marginal difference. This follows the S-curve / Wright’s Law. Although Electric cars existed at the beginning of the 20th century, as did steam cars, they had major limitations and were overtaken by petrol and diesel.
The invention of the Lithium-Ion battery in 1991 dramatically helped the key component, the battery, for Electric vehicles, so huge amounts of effort and investment have been going into that technology ever since. Hence production is growing exponentially pushing the price down rapidly. Once costs reach parity with Petrol and Diesel few people will want these fossil fuel vehicles when electricity is so much cheaper.