Battery packs for electric cars checked off a milestone this year — just an ever-so-slight ray of sunshine on what’s been a pretty gloomy 2020. For the first time, prices slid under $100 per kilowatt hour, and thorough analysis shows prices fell a whopping 89% in just 10 years.
The insights come from Bloomberg New Energy Finance‘s annual battery price survey. Both nuggets of information are very good news for those with electric cars in the pipeline. The core, basic takeaway from both the year- and decade-long trend is this: as battery pack prices fall, EVs become less expensive. At the same time, automakers can begin selling the cars for a profit. Let’s look at the year-long trend first. According to Bloomberg NEF’s data, prices fell 13% from 2019 levels. The average price sits at $137 per kWh for passenger EVs, commercial vehicles and buses.
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