The Electric Vehicle Inflection Tracker: 2020 Edition
Even with substantial investments by governments and automobile manufacturers, electric vehicle remain more expensive and less capable of long distance, timely travel than conventional vehicles.
In order to meet government mandates, automobile manufacturers have invested heavily in bringing electric (EVs) to market. Even so, still represent only a few percent of overall vehicle sales. And although the average prices of EV’s have declined from $42,189 in 2016 to $33,901 in 2019 and their range has increased 13.7% CAGR since 2011 to reach approximately 230 miles, EVs are still more expensive on average than conventional vehicles and lack fossil fuel powered vehicles range, and they still fail to return a profit to manufacturers who cross subsidize EV sales with profits from fossil fuel powered vehicles sold. In addition, because of their limited range and extensive charging times average EV long-distance trip takes 22 percent longer than travelling using a vehicle using an internal combustion engine.