With battery cost on a decline, EVs will soon become affordable: Report

According to a CNBC report, the price gap between battery-powered vehicles and IC Engine vehicles has started to decrease and will continue to do so for the next 2-3 years.

The report says that dip in the cost Li-ion batteries is the primary reason behind the overall price drop of EVs. As per the report, the cost of charging an EV is less than half the cost of gasoline in the US.

Though EV adoption is still not up to the mark mainly due to price and range anxiety, however, with increasing competition and continuous innovation, their future looks right.

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