Electric cars are expected to gain more popularity despite their current high prices. Rising fuel costs have driven automotive manufacturers to come up with more fuel efficient products.
GM and Nissan have been going head to head as leaders of the electric car technology. The Chevy Volt from GM and Nissan Leaf are set for display in selected showrooms in the U.S. in the later part of the year. The rest of the industry is expected to follow as each brand may have its own platform of electric vehicles in three years.
The market for electric vehicles within the next three years may not be significant but with current trends in fuel economy and environment awareness, there will be growing interest in this market niche.
The Chevy Volt priced at $41,000 and the Nisan Leaf at $33,000 may be pricey at first cost. Considering the $7,500 federal tax credit and additional rebates from states like California, this may turn out to be cost effective in the long run.
Car leasing is also in plan to make electric cars more affordable. Attractive lease offers plus extended warranty of up to 100,000 miles on batteries can further boost electric vehicles’ stock.
With time, manufacturers can develop more cost effective ways of reducing their costs and prices altogether.