FRANKFURT, Sept 11 (Askume) – The price of zero-emission trucks would need to be cut by more than half to become an affordable alternative to diesel models, a study released by consulting firm McKinsey on Wednesday said, a crucial step to help the European Union reach its climate goals.
Currently, less than 2% of the EU’s heavy goods vehicles are powered by electricity and hydrogen. The study, published ahead of the IAA Transport 2024 truck show in Hanover, shows that the share of new sales must rise to 40% by 2030 to meet the EU’s carbon reduction targets.
According to the study, the current production cost of electric trucks is 2.5-3 times higher than that of diesel trucks, so this goal is still far away as logistics companies are unwilling to accept higher zero-emission freight costs.
To solve the problem, McKinsey said new electric trucks should cost no more than 30% more than diesel models, which will require a leap in battery technology.
Research shows that successfully implementing the EU CO2 strategy, which would see 900,000 private charging points installed across Europe by 2035 and require an investment of $20 billion, would also require a 25% reduction in charging costs.
Chinese manufacturers pose another challenge to European truck manufacturers as they offer competitive products at affordable prices. They have already achieved a 20% share of the bus market.
“I think the same thing is likely to happen with electric trucks over time,” said Anna Herlt, co-author of the study and a director in McKinsey’s commercial vehicle consulting business.
