this post was submitted on 12 Oct 2024
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Electric Vehicles

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Analysts: 40% drop in 2023-2025 EV battery prices will boost sales (www.greencarreports.com)
submitted 3 days ago by MyOpinion@lemm.ee to c/evs@lemmy.world
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Analysts expect nearly a 40% decline in EV battery prices between 2023 and 2025, and for EVs to "reach breakthrough levels in terms of cost parity" with internal-combustion vehicles in some markets as early as next year—without subsidies. That's due to lower materials cost and the effect of a current stagnation in EV sales allowing supply to catch up with demand, according to the analysis.

Battery prices will continue to fall significantly through 2025 and more or less level off after that, analysts predict. And that could allow EVs to reach larger market shares more quickly. Goldman analysts now predict that EVs could reach 50% market share in the U.S. by 2030, and 68% in the European Union by that year.

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[–] cron@feddit.org 7 points 3 days ago (1 children)

This article claims that battery prices in China are already below the figure that Goldman Sachs expects by 2030:

The prices of lithium iron phosphate (LFP) batteries in China have decreased by 51 percent over the past year. The average price per kilowatt-hour has fallen to $53, compared to the global average of $95 per kilowatt-hour last year, according to Bloomberg.

$53 per kwh is roughly $3000 for a typical, small battery (50-60 kwh).

[–] Buffalox@lemmy.world 4 points 3 days ago* (last edited 3 days ago) (1 children)

Maybe that's the reason cheaper EV cars are getting better range? At least that's what it seems to me is happening currently here. (EU)

[–] cron@feddit.org 2 points 3 days ago

At least in europe, there are some strong trends towards cheaper EVs in general. One example is the Volkswagen id.3, that is now available for under € 30.000.

But the range argument is also true: Almost any car comes with a 50 kwh battery these days (in europe at least).

[–] Oneser@lemm.ee 7 points 3 days ago

The data in this article is based off info from 2022.

The reduction in price appears to have been significantly underestimated in the article linked.