As technology costs are starting to fall apart, electric vehicles (EVs) are becoming far more common. With their environment-friendly features, governments from wealthy cities, such as Singapore, has been backing the technology with stricter regulations to limit greenhouse gas emissions.
With these reasons, EVs could account for almost two-thirds of all cars on the road by 2030, according to a research by McKinsey & Co and Bloomberg New Energy Finance.
For instance, the report revealed that the cost of a lithium-ion battery pack fell 65 per cent in 2015 to around US$350 per kilowatt hour, from US$1,000/KWh in 2010. The research projected that it could fall below $100 KWh over the next decade.