EVs Will Soon Be Cheaper to Make Than Petrol Cars (but Will Cost Much More to Repair) [Video]

The cost of making EVs is decreasing faster than the industry anticipated. EV production will reach cost parity with ICE-equipped cars in as little three years, and the latest forecast from Gartner predicts that EVs will actually be cheaper to make than gas-powered cars by 2027. One would expect prices to go down as EVs get cheaper to make, but sticker shock could still await buyers when it’s time to insure and repair these so-called cheap EVs, as Notebook Check reports.

While the cost of EV production keeps going down, the cost of EV repairs keep going up at alarming rates. Despite EVs reaching cost parity with gas cars by 2027, the average cost of repairs following a major accident could increase by 30 per cent within that same time frame. This could cause insurance premiums to surge in price, or could lead to insurers flat-out denying coverage of some EV models. Per Notebook …