Electric vehicles are close to the “tipping point” of rapid mass adoption, thanks to the plummeting cost of batteries, experts say. Global sales rose by 43% in 2020, but even faster growth is anticipated when continuing falls in battery prices bring the price of cars dipping below that of equivalent gas and diesel models, even without subsidies. Analysts forecast this to happen sometime between 2023 and 2025. The tipping point has already been reached in Norway, where tax breaks mean electric cars are cheaper. Battery-powered cars soared to 54% market share in Norway, compared with less than 5% in most European nations. James Frith, head of energy storage at BloombergNEF said that the key is when electric vehicles become cheaper without subsidies. “That’s definitely an inflection point. [Then] we really see the adoption of electric vehicles taking off and real market penetration.”

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