Monday, October 2, 2023

The price of electric cars will fall, batteries will fall 8.7% below $100/kWh

Get ready to see something important Falling prices for electric cars because, as you already know, The battery is the most expensive part in this type of vehicles. Obviously, the price of lithium has an almost direct proportional impact on this. And this is what the latest data shows The price per kWh has fallen sharply in a really striking way to stay in it less than $100 per kWh, something that hasn’t happened in two years. This has already happened since highs in March last year a cost reduction of 33%.

Data from the consulting firm Benchmark Lithium shows that the at half price of batteries worldwide fell by 8.7% last August and was finally deployed less than $100/kWh. It’s a point they haven’t reached since the summer of 2021, and that represents one Decline of 33% compared to the average price, which peaked in March a year ago. At that time a price of almost 150 dollars/kWh. And that’s what explained it Electric cars would be significantly more expensive than their counterparts with gasoline or diesel engines, but now the situation is different begins to change and tip the scales in favor of electric models.

Battery prices are falling and electric vehicles are becoming increasingly cheaper than gasoline, diesel or hybrid vehicles

The Price fall in the batteries is what explains why we are starting to see cheaper electric than some petrol or diesel models and even cheaper than some models Hybrids. The case of the BYD Atto 3 is a good example of this, but there are also others that realize this change in trend, such as the affordable MG 4. These are some of the electric cars that They are already cheaper than their gasoline competitors although the newbie Tesla Model 3 The exact same thing is happening to you.

Why are battery prices falling? This has to do with a strong fall in the prices of some of the Key raw materials from which batteries for electric cars are made. As he lithiuma critical material such as nickel or cobalt, which are used as raw materials Ternary batteries B. with NCM cells, have experienced a progressive price decline in recent months. This advice shows that the cost of cathodes has increased fell by 41.9% So far this year, anode costs have fallen 17.6%.

It was expected that the lithium could rise in price and however the The trend continues to be downwards so much so that you could see how the price developed decreased by 52% since this year began. Looking at broader data, we can see that the cost of batteries has been falling over the last decade not less than 80%. But more than that, solid industry sources assure that this will happen in the coming years they will fall even further. There will be an increasing number of electric cars that are significantly cheaper than their counterparts with gasoline and diesel engines as well as hybrid or plug-in hybrid drives.

All of this affects not only the prices of electric cars, but also the Home battery prices. That they will increase their popularity because, as we already know, along with Photovoltaic systems for home use ownconsumption, even with charging an electric vehicle, and represent incredible energy savings for families. As raw material and battery prices continue to fall, it will become more economical to install energy backup systems at the household level.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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