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Battery Cost Reductions Needed to Make Electric Cars Economically Viable

At current prices, it takes 6.5 years to recoup higher cost of electric vehicles compared to gasoline only models, J.D. Powers study finds.

Published: 09-Nov-2012

Sales of electric vehicles won’t take off until automakers lower prices and demonstrate the economic benefits to consumers, according to a J.D. Power and Associates study of electric vehicle ownership.

Almost two years after automakers started selling battery-powered rechargeable cars in the U.S., the segment is an almost immeasurable portion of auto sales.

Nissan has sold less than 6,800 Leaf electric cars this year through October, and that’s down 16% from the same period last year. Honda has leased just 48 of the electric version of the Fit this year. Mitsubishi has sold less than 500 of its MiEV mini-car. Start-up electric car company Coda Automotive has refused to disclose how many cars it has sold.

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