EVs Becoming Cost Competitive, Says EPRI Study
Costs of electric-drive cars could near conventional cars.
Source: PR Newswire
[Mar 27, 2003]
A combination of greatly improved battery life and projected cost reductions for batteries and other components can make electric-drive vehicles — such as engine-hybrid EVs, plug-in hybrid EVs, and some pure EVs — cost competitive with gasoline vehicles, according to a new study from Palo Alto's Electric Power Research Institute (EPRI).
These lower costs and a doubling of battery lifetimes -- up to 150,000 miles -- result in significantly reduced fuel and maintenance costs for electric-drive vehicles, and over their lifetime will offset their higher initial price by the end of this decade, the study contends.
Researchers found that advanced batteries used in electric-drive vehicles are exceeding previous projections for cycle life and durability, a key consideration in cost. Longer life essentially means reduced cost to operate.
"The cost of advanced batteries for non-plug hybrid EVs, plug-in hybrid EVs, and battery EVs is highly dependent on the establishment of a growth market situation, a predictable regulatory environment, and consistent production volumes that encourage capital investment in production capacity and line automation by battery and automotive manufacturers," said Bob Graham, EPRI's area manager for transportation.
EPRI is a nonprofit research organization funded by electric utilities and other companies.
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