A parking bay reserved for electric car charging can be seen on display in London, Britain, October 19, 2018. Batteries are expensive and account for around 40% of an EV's price tag, a cost that has so far made them unaffordable for many consumers. But those prices are steadily coming down as carmakers invest in new battery chemistries, materials and software to make more efficient EVs, RMI senior principal Kingsmill Bond told Reuters. EV sales in the European Union jumped almost 61% in July versus the same month in 2022, accounting for 13.6% of all car sales. The European Union aims to ban the sale of new fossil-fuel models from 2035.

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Persons: Simon Dawson, Kingsmill Bond, RMI's Bond, Nick Carey, Christina Fincher Organizations: REUTERS, Rocky Mountain Institute, RMI, European Union, Union, United, Reuters, Research, Exeter University's, Energy Innovation, Thomson Locations: London, Britain, Europe, U.S, China, United States, California, New York, Exeter, India