The future of electric vehicle (EV) growth hinges on making them more affordable to buy and maintain. While environmental concerns are important, most Americans are unlikely to abandon their gas-powered cars solely for climate reasons. The key to widespread EV adoption lies in reducing battery costs, and recent research from Goldman Sachs offers promising news in this regard.
According to the report, lithium-ion battery prices are expected to continue declining significantly in the coming years. By 2026, global average battery pack prices could fall to $82 per kilowatt-hour (kWh)—a sharp drop from the 2023 average of $149/kWh. This 26% price reduction from current levels is part of a broader trend, as battery prices were as high as $780/kWh just a decade ago, in 2013.
Continue reading… “The Road to Affordable EVs: Lithium-Ion Battery Prices Set to Drop by 2026”
