Electric Cars Will Need Major Gov't Support, Report Finds
London -- Electric and hybrid cars will fail to make major inroads into the vehicle market by 2020 unless governments intervene with incentives to support these technologies, according to a Boston Consulting Group report.
The costs of creating an automotive market dominated by electric and hybrid cars are “prohibitively high, at least in the foreseeable future”, the firm said. In Europe alone, $49 billion will need to be invested in the vehicle technology, with an additional $21 billion for battery-charging infrastructure, BCG estimated.
According to the report, electric vehicles are able to produce 60% less carbon dioxide (CO2) emissions, on a well-to-wheel basis, than cars with internal combustion engines, while hybrids can offer savings in the region of 30% – meaning these technologies have the potential to make a significant contribution to reducing CO2 emissions worldwide.
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