Some reports indicate that the costs of running an electric car are actually lower than the costs of running a car with an internal combustion engine.
But the actual cost of making one is going to create another shortage. Its battery will be the next problem that shall be made when most cars are already EVs.
What if the actual plan is to get people used to not having their own vehicle but rather depend of public transportation?
If the prices of batteries and EV rise over the capacity of the average citizen, I bet government won't care much to reduce those prices but rather have a good enough electric buses and subways.
The law only applies for new cars, so obviously gas vehicles will slowly die due to obsolescence.