What would it take for you to buy an electric vehicle?
Lower average prices can’t hurt — and as this chart from Statista shows, those have come a long way. As noted in a recent report from McKinsey & Company, advances in battery tech have helped the average battery pack price go down from about $1,000/kWh to roughly $227/kWh since 2010. McKinsey says that figure will continue to come down, potentially bringing EVs close to parity with the cost of other cars. This process is already in motion, to an extent, with the likes of the Chevy Bolt and upcoming Tesla Model 3.
But while that decrease would address one of potential EV buyers’ biggest concerns, EV sales are still low, and many roadblocks remain ahead. The driving ranges on most EVs still aren’t as long as they should be; McKinsey itself notes that only “around half” of consumers in the US and Germany actually comprehend how EVs work, and the number of EV charging stations out in the wild is still low.
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