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EV Battery Costs Drop 14%
The average price for an automotive lithium-ion battery fell to $690 per kilowatt-hour from about $800/kWh last year, according to Bloomberg New Energy Finance.
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The average price for an automotive lithium-ion battery fell to $690 per kilowatt-hour from about $800/kWh last year, according to Bloomberg New Energy Finance.
The London-based research firm says battery prices which account for about 25% of the cost of an electric car or extended-range hybrid have dropped 30% since 2009. It predicts prices could fall to $150/kWh by 2030.
Analysts have estimated that battery prices must drop to about $250/kWh to make EVs financially viable. Some believe that goal could be reached by the end of the decade.
EVs and hybrids each require between about 15 kWh and 85 kWh of energy storage. Last year the global EV market totaled 43,000 vehicles, Bloomberg New Energy Finance says. But the group estimates that the EV battery industry has roughly 10 times the capacity it needs: enough to equip 400,000 EVs.
The surplus represents about 10 gigawatt-hours of energy storage capacity, according to Bloomberg. It says the overcapacity could surge to 17 gWh by the end of next year.
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