Dublin: A significant transformation is on the horizon for the European automotive industry as efforts are underway to produce and market electric vehicles (EVs) at more affordable prices. Leading car manufacturers are hinting that compact electric cars manufactured in Europe could soon be available for as low as €25,000.
This development has the potential to revolutionize the EU’s automobile sector, according to a recent analysis conducted by a prominent environmental non-governmental organization.
A report by Transport & Environment (T&E) predicts that by 2025, a greater number of consumers will make the switch to electric vehicles, specifically ‘mass-market B-segment vehicles,’ as production costs and battery prices continue to decline.
The study highlights that the availability of small and cost-effective EVs will play a pivotal role in accelerating the mass adoption of electric cars throughout Europe. Currently, Chinese companies have been challenging traditional automakers in the European EV market, but this impending price drop could see European companies matching and even outpacing their Chinese counterparts in the electric vehicle race.