Although electric vehicles took roughly six years to get from 1% to 10% of global market share, it will take just six more years to reach 80% adoption, an RMI report says.
Electric vehicle battery costs should fall below $100/kWh by 2026, according to BloombergNEF’s 2022 Battery Price Survey, making EVs much more affordable. In addition, without the fuel or maintenance costs of ICE vehicles, EVs will also be cheaper to operate, which could further spur adoption. In Norway, approximately 80% of all new cars sold last year were fully electric.