A survey conducted by BloombergNEF revealed that the average price of lithium-ion batteries dropped by 20% in the last year, the largest such drop recorded in the seven years that data has been monitored.
This also, Lew writes, puts the industry on a pace to achieve parity in the costs of electric vehicles and internal combustion vehicles in or around 2026.
One of the factors leading to the 20% drop in cost - overproduction of batteries - is unlikely to recur in 2025, raising questions about the future trend.
If and when we reach a point where the only thing differentiating EVs and internal combustion vehicles is the system that powers them, it will be a watershed moment for the industry.
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