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New research has suggested that electric cars could be cheaper than petrol and diesel cars a lot sooner than expected. One of the barriers preventing a lot of motorists from making the switch from petrol and diesel to electric is the higher upfront cost. However, by 2022 the cost of electric cars is set to top below that of internal combustion engined (ICE) cars, claims new analysis from Bloomberg New Energy Finance. The point when EVs become cheaper than ICEs has been described as a ‘crucial moment’ for the market and will certainly remove one of the biggest obstacles standing in the way of mass adoption.

Electric cars to be cheaper to buy than petrol and diesel sooner than expected

Electric cars to cost less than petrol and diesel by 2022

The report notes that the disparity between the cost of EV and ICEs is narrowing every year. It suggests that by 2022 large EVs could be cheaper than equivalent petrol and diesel models, which would be a significant moment for the industry. One of the main reasons for this is said to be the cost of batteries falling over the years. There was a point in time when the battery represented half the total cost of an EV, but that figure is closer to a third now.