EV News: The Driver Update

The electric vehicle (EV) industry is constantly changing, so we’re keeping current and prospective drivers up to date with some of the developments that will be shaping the industry.

Used EV prices are decreasing

Many people are deterred from buying an EV due to their high cost; the average price of a new EV in the UK is roughly £48,000, while a new internal combustion engine vehicle (ICE) costs £26,000.  

Of course, if you’re looking to buy an EV, an option is to explore the used car market. The AA has reported that prices of used EVs and hybrid vehicles have fallen by 12% over the last year, from £22,158 to £19,548. Similarly, vehicles such as the Volkswagen e-Up and Seat Mii Electric have seen prices decrease by over 40%. But what will this trend lead to? Motoring groups believe that second-hand EVs will become as cheap as ICEs within the next few years, offering consumers a more accessible route to EV adoption.

Falling battery prices promise cheaper EVs

If a consumer fancies a brand-new EV, then it’s good news too. Cheaper EVs are on the way owed to several factors, including a fall in battery prices.

As reported by BloombergNEF (BNEF) analysts, in one year, the price of battery cells has decreased by half because of a drop in the price of raw materials such as lithium and due to a more gradual transition to EVs than expected. In China, the impact of falling battery prices is already filtering through to consumers; EVs are now priced at or below ICEs in many vehicle segments. BNEF has stated that they expect low EV prices to last for several years at least, so, UK consumers will be able to choose from more affordable new EV models.

New EVs are travelling further

If the affordability of EVs is being addressed, then what about range anxiety? Do EVs have the range to cover long distances?  

Early EVs had a limited range. For example, the first Nissan Leaf had a range of 100 miles. However, thanks to motor and battery development, some of the cheapest EVs on sale have a range of more than 200 miles. The Mercedes EQS holds the distinction of being the EV with longest-range on sale in the UK with 442 miles. Volkswagen’s ID7 is similarly capable of 436 miles, while the Peugeot e-3008 can do 422 miles. Current models already have a decent range, and the constant development of technology means EVs are becoming more and more convenient for drivers.

Sharing environmental impact of EVs will soon become a requirement

A common EV myth is that their manufacture has an overly negative impact on the environment. With this in mind, ‘battery passports’ will become mandatory for any EV sold in the UK from 2027, which will allow consumers to track all the materials used during the manufacturing process, find out a car’s carbon footprint and learn how much of the battery pack can be recycled. The first EV to get a ‘battery passport’ will be the Volvo EX90. This important development for EVs will mean that buyers can make informed, sustainable decisions and be confident in their EVs recyclability and environmental impact.

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