In a Tech Briefs webinar this month titled Preparing the Energy Grid for Electrified and Autonomous Vehicles, a reader asked James Karavakis from Mercedes-Benz Energy Americas: "What are the drivers for EV market penetration?”

Below is an edited version of Karavakis’s response:

James Karavakis, Mercedes-Benz Energy Americas, Business Development

Karavakis: "First, there is an assumption around stricter government regulations regarding combustion engine vehicles, which will increase the cost of internal combustion engines (ICE), and conversely, decrease battery costs, enabling lower costs for electric vehicles. There is also an assumption of financial incentives for electric vehicles, some of which we already see today.

So, we see this crossing point of regulation and the volume of lithium-ion – and other battery – technology, where it makes more financial sense to purchase an electric vehicle over a combustion engine vehicle."

Karavakis cited a statistic from a 2017 Bloomberg News  story, stating that “between 2020 and 2030, EVs will become cheaper to own than ICE cars on an unsubsidized basis.”

What do you think? Is the future electric? Will the EV surpass ICE? Share your thoughts below.