According to a new report from BloombergNEF, EV battery prices have dropped significantly this year, with an overall decrease of 20% bringing costs down to $115 per kilowatt-hour.
This report highlights that due to falling raw material prices and advances in technology, electric vehicle prices could reach parity with gas vehicles as soon as 2026.
The overall pricing shift is attributed to factors like overproduction, lower component prices, and the emergence of new battery chemistries, especially lithium-iron-phosphate, playing significant roles in this trend.
The battery industry has seen this dramatic change as a critical point for ensuring the mainstream acceptance of electric vehicles, aligning costs to compete effectively against traditional car models.
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