Nearly all global vehicle makers are mounting their own electric-car push, powered by ever-cheaper prices for batteries, stricter emissions rules and lucrative government incentives for customers. The Volvo announcement is “the hard-reality case that Tesla will face intense competition by next decade from legacy [auto makers] expanding their electric options,” Barclays auto analyst Brian Johnson said in an investor note. Related Video Volvo plans for all new models from 2019 to be either fully electric or hybrid, the company announced Wednesday. Those companies plan to sell millions of electric cars by 2025—evidence the auto industry’s incumbents believe the internal-combustion engine has an expiration date. The consulting firm estimates battery-pack prices have fallen about 80% since 2010, and an electric car and comparable gasoline-powered car could hit cost parity within a decade.

Source: Wall Street Journal July 05, 2017 18:52 UTC