Electric Vehicles Could Rule Wealthy Cities’ Streets By 2030

According to a recent report, full electric vehicles could make up two-thirds of all cars on the road in wealthy cities like London and Singapore.

The reason for this is due to stricter emissions regulations, falling technology cost and rising consumer interest, stated the report presented at the Future of Energy Summit in London by McKinsey & Co and Bloomberg New Energy Finance.

Automakers such as VW and Daimler have already announced their plans to roll out new electric models in the next few years, with the former even announcing that cars such as its I.D concept will sell for the price of a Golf diesel by 2025.

Mercedes too will launch 10 EVs under their EQ sub-brand by 2025, aiming to become the market leader in premium electric cars.

“In densely populated, high-income cities like London and Singapore, electric vehicles could represent as much as 60% of all vehicles on the road by 2030, the result of low-emissions, consumer interest and favorable economics,” stated the report according to Autonews.

“Electric vehicles could take off anytime,” added Spencer Dale, BP’s chief economist.

Still, the so called “EV boom” could also represent a threat to the automotive sector, which “faces a future that could be fundamentally different from its past and may need to consider moving from using a pure product-ownership model toward providing a range of transportation services.”