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Electric car sales expected to improve within a few years [Video]

Posted on Monday, June 15, 2015 at 6:39:40 PM

People in the market for a car may soon be more willing to seek auto financing for electric vehicles. 

Electric cars have been around for some time, but have yet to truly go mainstream with consumers. While there have been many answers to that question, one recently released report has found concrete evidence that battery-powered vehicles should significantly grow in popularity within the new few years. 

There are a number of reasons electric cars haven't gone mainstream already, including battery prices and so-called "range anxiety." The latter concept is the idea that consumers aren't buying electric cars because the batteries that power them don't yet last long enough. The acceptable range for a mainstream electric car is 200 miles, according to the Financial Times. 

"Batteries are moving forward very, very quickly," says Vincent Carré, electric car sales and marketing director for Renault. "All of what you call range anxiety ... ?is already behind us because we know that within a few years we will double the range of the cars."

The price of batteries is also expected to go down, which will prompt consumers to seek auto financing for electric cars. Expensive batteries don't only discourage people from buying electric vehicles, they also make manufacturers reluctant to invest in them. As battery range improves and prices go down, electric cars can be expected to grow substantially in popularity.