Electric Cars Will Be Cheaper Than Internal Combustion Engines in 2027

Electric Cars Will Be Cheaper Than Internal Combustion Engines in 2027

Custom platforms gave automakers the freedom to design assembly lines to their specifications, including smaller powertrains and flat battery bases. This also reduces costs.

Gartner research vice president Pedro Pacheco said electric vehicles will be cheaper to produce than internal combustion vehicles by 2027, thanks to new production techniques and lower battery costs.

Production costs will fall faster due to innovations such as "gigacasting", where large sections of the car are produced in one piece, rather than using dozens of welding and bonding agents.

Tesla, cited by Pacheco and other experts as the innovation leader in reducing assembly costs, is known for being a pioneer in the field of "gigacasting".

The adoption rate of electric vehicles has slowed in a number of key markets, including the US and Europe, and experts say it will be crucial for automakers to introduce lower-cost models.

Pacheco emphasized that gigacasting alone could reduce the white body cost by "at least" 20 percent.

Pacheco said that when these savings will be reflected in prices depends on the manufacturer brands, but price parity between electric and internal combustion engine models should be reached by 2027 on average.

Gartner still predicts strong growth in electric car sales, with half of all cars sold being fully electric by 2030.

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