June 17, 2021

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Electric Vehicle Drivers

Incorrys expects that electric cars will reach cost parity with gasoline cars towards 2025. As switching costs are reduced, significant growth in electric car production is expected.

By 2030, power requirements for EV demand is expected to reach 115 TWh – approximately 30% of total power growth during this period.

The cost of battery packs has fallen to USD $140/kWh in 2020, from USD $1,100/kWh in 2010. Incorrys expects that cost will continue to drop and reach $100/kWh in 2023.

EV range will close the gap with gasoline cars. Average range is expected to increase to almost 400 km, up from 310 km in 2020.