Electric Vehicles May Challenge Gas Cars Sooner Than Expected

Electric cars could cost the same as gas-burning vehicles by 2024, a year earlier than previously anticipated, because of falling battery prices, according to a new Bloomberg NEF survey.

Prices for electric-vehicle battery packs could drop below $100 per kilowatt hour by then, said James Frith, a BNEF analyst who analyzed data from across the lithium-ion battery value chain. At that price, many electric cars are expected roughly to equal gasoline-powered models—though it won’t be true for every electric car on the market.

“It’s not that all EVs are suddenly at price parity,” Frith said. “But it’s a sign the ...