Clean mobility- Price of E-vehicle batteries drop by 87_ between 2010 and 2019 s.mp4

Battery storage is one of the reasons that makes E-vehicles more expensive than their regular counterparts But a new market survey done by BloombergNEF (BNEF) has some good news

The cost of battery has dropped from $1,100 per kilowatt-hour in 2010 to $156/kWh in 2019. That is an 87% drop in battery prices. Growth in battery electric vehicle sales and the continued penetration of high energy density cathodes is the main reason.

BNEF forecasts that prices could drop to about $100/kWh once demand passes 2TWh in 2024. Another reason for shrinking prices is because local manufacturing, which saves on import duties and transportation cost. The next challenge will be to bring down the cost to about $61 which is a challenge but not impossible. The $100 is seen as the point when E-vehicles will reach price parity with internal combustion engine vehicles.