by Wolf Richter
What if China decides, “We don’t want petrol cars in five years?”
Every global automaker is furiously working on a lineup of electric vehicles. Many of them already have a model in their showrooms. Billions are poured into it every year. Electric cars are cheaper and simpler to build, and have been around longer than cars with internal-combustion engines. Only hiccup? The battery! It takes too long to charge, weighs too much, and costs too much.
But since 2008, costs have plunged 73% to $268 per kilowatt hour. Some expect costs to drop to as low as 100/kWh by 2020, at which point electric cars would become cost competitive.