Buyers unlikely to recoup extra cost of electric vehicles
As automakers aggressively pursue electric vehicles, a study released today shows the cost targets behind the plans are unlikely to be achieved, making it hard for consumers to recoup the extra cost of buying electric.
The study by Boston Consulting Group, released at an Automotive Press Association event in Detroit today, concludes the cost of electric vehicles is unlikely to drop to the $250 per kilowatt/hour threshold that is cited by many carmakers for these vehicles to be competitive in price. That benchmark is not possible without a major breakthrough in battery technology, and no such breakthrough is on the horizon, said Xavier Mosquet, the Detroit-based leader of BCG’s automotive group.
As a result, the payback time for an all-electric vehicle in the U.S. is about 15 years, and for an extended-range vehicle such as the Chevrolet Volt it would be 19 years, the study finds.
« Consumers want a three years or less payback period for the extra cost of the batteries, » said Massimo Russo, a partner in the Boston office.