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By Fortune Abang
The International Energy Agency (IEA), has stressed the importance of making Electric Vehicles (EVs) more affordable to drive a mass-market adoption.
The agency highlighted the importance of making electric vehicles more affordable on Wednesday in its annual virtual global EVs outlook report in which it reiterated the crucial role the adoption of electric cars can play in the market.
According to the IEA, a reduction in the cost of EVs has become necessary to bolster the widespread adoption, particularly in developing countries.
“Although electric cars today often have lower total costs of ownership over their lifetimes due to reduced fuel and maintenance expenses, reducing upfront prices is key to boosting uptake”.
The agency noted that while EVs are gaining popularity, their high upfront costs remain a significant barrier to adoption, especially for low- and middle-income households.
It suggested that to tackle such challenge…
Source: News Agency of Nigeria