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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