From Model T to Model Three
With much lower maintenance and fuel costs, electric vehicles could displace a sizable number of motor vehicles. Note: The price of Ford Model T over 1909-1927 has been normalized by the ratio of nominal GDP per capital in those years to that in 2015, indicating a measure of affordability. Source: Cherif, Reda, Fuad Hasanov, and Aditya pande, 2017, “Riding the Energy Transition: Oil beyond 20140”
IMF Working Paper 17/120.