Electric Cars Will be Cheaper in 3 Years

According to Bloomberg, electric cars will be cheaper than gas versions by 2022.  In 2017 Bloomberg said electric cars will have a price advantage by 2026, but batteries have become smaller, less expensive, and faster than expected.  That makes buying an electric vehicle, especially in traffic clogged urban centers, the proverbial "no-brainer".  EVs have other advantages over fossil fuel cars too: faster acceleration, lower maintenance costs, lower fuel cost per mile as well as the big advantage from a climate standpoint, zero emissions.  Here is the chart on battery costs:

Experts say the crossover to electric will begin in Europe for larger vehicles in 2022. Europe has much less distance between urban centers than the US, and a more highly developed electric charging system.  "Range anxiety" is holding US consumers back from embracing the newest mode of transportation early.  But more efficient batteries are increasing driving range to as much as 500 miles, similar to the range of a gas powered vehicle.  Next generation batteries may be rechargeable in as little as 3-5 minutes!  Other critical parts of an EV like the electric power train, are also becoming cheaper as mass production gets underway.  Key parts could become 30% less expensive over the next decade.  So full speed ahead for the old, new electric car.