By 2035, every new car and truck sold in the U.S. could be an EV, a new report says. Accelerations in technology and especially battery affordability, paired with new policy, mean the dramatic transition would save American drivers $2.7 trillion by 2050, an average savings of $1,000 per household per year. The ramp up in EV production would also create 2 million new jobs by 2035. Battery prices have fallen 74% since 2014, and their unexpectedly rapid fall is a key driver of the cost savings. “All the experts have been wrong on how fast the battery prices are going to reduce,” Nikit Abhyankar, a researcher at the University of California, Berkeley, and a co-author of the report told reporters. “And that includes us.”
EVs are far simpler mechanically, and more efficient, than internal combustion engine (ICE) vehicles, which translates to reduced climate pollution and lower costs for consumers. Strengthened vehicle efficiency standards and investment in fast charging infrastructure are needed to accelerate the transition, which would prevent 150,000 premature deaths and save $1.3 trillion in health environmental costs by 2050. (The Guardian, Fast Company, E&E $, Morning Consult, Canary Media)