Small EV prices will match petrol cars by 2025 – but not in Australia 

The International Energy Agency (IEA) has predicted smaller electric vehicles  ill match the price of equivalent combustion models in less than two years, but not in Australia. 

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Speaking to media, including Reuters [↗], the IEA’s energy policy head, Timar Guel, said the price parity will be achieved in major markets, where there is currently strong demand and government support for EVs. 

“Our current expectation is that we can see price parity in small and medium-sized electric cars in North America and European markets somewhere in the mid-2020s. For larger cars like SUVs and pickups, purchasing parity is likely to come later, probably into the 2030s,” Guell said. 

Smaller EVs are tipped to achieve the milestone first since they typically use smaller 25kWh to 60kWh battery packs, which are expensive to produce due to resource-limited and in-demand raw materials. 

In contrast, electric SUV batteries typically range from 70kWh to 90kWh, with larger models and utes even going up to 229kWh. 

In the context of ‘price parity’, it likely means that a base variant EV is on par with a high-spec petrol-powered model.