Driving Competition<\/p>\n
In a matter of just two to three years, electric cars are on track to become cheaper than their gasoline-powered alternatives, according to a new report by energy research firm BloombergNEF.<\/p>\n
According to the report, the market average for batteries will hit just $101 per kWh by 2023. Analysts have long predicted that for electric vehicles to match the price of gas ones, the cost would have to meet a $100 per kWh threshold and federal and state tax credits could end up pushing it below that figure, as Car and Driver notes.<\/p>\n
The reason why the price of energy storage is such an importantautomotive indicator is because the battery pack accounts for roughly a quarter of an EVs total cost, making it the number one determinant of price.<\/p>\n
It could be the electric car industrys watershed moment: once dipping below the price of gasoline-powered engines, electric vehicles will look far more attractive to far more consumers.<\/p>\n
In other parts of the world, that threshold has already been breached. For instance, the report notes that battery packs for e-buses in China have already been sold at less than $100 per kWh.<\/p>\n
Prices of electric cars have already dropped considerably this year due to increasing order sizes, growth in [battery electric vehicle] sales and the introduction of new pack designs, according to the report. New technologies and falling manufacturing costs,it predicts, could drive prices down even further.<\/p>\n
Theres also the chance that next-generation solid-state batteries could be manufactured at 40% of the cost of current lithium-ion batteries, according to the report, when produced at scale.<\/p>\n
The report also predicts that average prices of battery packs could plunge to just $58 per kWh by 2030.<\/p>\n
READ MORE: Battery Pack Prices Cited Below $100\/kWh for the First Time in 2020, While Market Average Sits at $137\/kWh [BloombergNEF]<\/p>\n
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Read the rest here: Driving Competition In a matter of just two to three years, electric cars are on track to become cheaper than their gasoline-powered alternatives, according to a new report by energy research firm BloombergNEF. According to the report, the market average for batteries will hit just $101 per kWh by 2023. Analysts have long predicted that for electric vehicles to match the price of gas ones, the cost would have to meet a $100 per kWh threshold and federal and state tax credits could end up pushing it below that figure, as Car and Driver notes. Continue reading
\nReport: Electric Cars Could Be Cheaper Than Gas Ones in Just 2 Years - Futurism<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"