Electric cars 'as cheap to manufacture' as regular models by 2024

Analysis by UBS suggests shift away from fossil fuel vehicles may be imminent

Electric cars will cost the same to make as conventional cars, with internal combustion engines, by 2024 and an acceleration in the shift away from fossil fuel vehicles may be imminent, according to new research.

The extra cost of manufacturing battery electric cars versus their fossil fuel equivalents will diminish to just $1,900 (1,470) per car by 2022, and disappear completely by 2024, according to research by the investment bank UBS. The research is based on detailed analysis of batteries from the seven largest manufacturers.