Electric cars not accessible in next five years

The majority of global car executives do not foresee a reasonably priced electric vehicle being available on the mass market in the next five years, a survey has suggested. Many also believe that electric cars will not be affordable without government subsidies, KPMG said.

But they do think that the market for electric cars will be the fastest growing sector in the market. Carmakers are investing in electric vehicles to reduce carbon emissions.

This is to both hit emissions targets and satisfy consumers’ growing desire for fuel efficient cars. The survey found that 91% of consumers cited fuel efficiency as the single most important factor when choosing a new car.

Some carmakers, such as Renault and Nissan, are pinning their hopes on pure electric cars. Others, such as Toyota and General Motors, prefer hybrid technology, which combines both electric and petrol engines.

These four carmakers are launching a series of electric models in the next two years. In the UK, the government has introduced a scheme offering discounts of up to £5,000 for drivers buying certain electric cars. Other governments are also introducing incentives to buy electric vehicles.