Electric-car battery prices dropped 13% in 2019, will reach $100/kwh in 2023

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Tesla Model S lithium-ion battery pack in rolling chassis

Although electric cars haven’t quite taken off in the 2010s the way some had anticipated, sheer economics are pointing to the 2020s as the time when EVs will find that market fever pitch.

From 2010 to 2019, lithium-ion battery prices (when looking at the battery pack as a whole) have fallen from $1,100 per kilowatt-hour to $156/kwh—an 87% cut. From 2018 to 2019 alone, that represents a cut of 13%.

Those numbers were part of an annual report released Tuesday by Bloomberg New Energy Finance (BNEF). The report also suggested that we’ll reach the $100/kwh mark earlier than it had previously anticipated—by 2023.

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Chinese company says it will soon cross $100 battery threshold, slaying the gasoline car

 

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Envision Group analysts discovered the price curve after purchasing Nissan’s battery division, Envision CEO Lei Zhang said. Getty photoGETTY

Envision Energy will produce batteries for $100 per kilowatt hour by 2020, the Shanghai company’s founder and CEO said at Stanford University, predicting the price will drop to $50 only five years later and end the reign of the internal-combustion engine.

Envision’s analysts realized they could achieve these goals after the company purchased Nissan’s battery division earlier this year, CEO Lei Zhang said at Stanford University’s Global Energy Forum. Stanford just released video of Lei’s remarks, which came in response to a slightly more conservative prediction by Stanford’s Arun Majumdar.

“I have something to add on to Arun’s comment,” Lei said. “He mentioned by 2022 we are able to reach $100 per kilowatt hour, but I say we are able to arrive much earlier. By 2020 we are able to deliver the cost of $100 U.S. Just recently we bought a Japanese battery company, so we have very detailed analyzed this trend of cost, so we are able, probably by 2025, to achieve $50 U.S. dollar per kilowatt hour.”

Continue reading… “Chinese company says it will soon cross $100 battery threshold, slaying the gasoline car”

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