It wasn't too long ago when electric vehicles were seen as niche products for more affluent car buyers, but auto manufacturers want to make EV more affordable for everyone.
Price of batteries used in EVs has decreased, helping generate more sales, with a 14 percent annual drop from 2007 to 2014, according to a recent study. Manufacturers choose to keep the cost of lithium-ion battery production relatively secret, but mile ranges are increasing.
It looks like "events" are "moving quicker than expected in lithium-ion battery technology," though the price tags often could be misconstrued, according to Luis Munuera, energy analyst for the International Energy Agency, in a statement to the MIT Technology Review.
There were more than 700,000 plug-in EVs sold worldwide by the start of 2015, which was a drastic increase from 400,000 year-over-year - with multiple models available to auto buyers in the United States, China, Europe, and Japan.