By 2027, BloombergNEF predicts that electric cars and vans will be less expensive to produce than traditional petrol vehicles. Furthermore, their purchasing price will drop over the next six years as a result of cheaper batteries and dedicated production lines in car plants. Research found that they will also dominate the auto industry by the middle of the 2030s due to stronger emissions regulations. Reaching price parity with internal combustion engines is considered a key milestone in the global fossil fuel transition.