BMI estimates that between 2014 and 2017 the worth of battery cells fell 16.5% every year, however between 2017 and 2020 the drop was solely 5.8% every year.
View PhotosOne barrier to a better take up of EVs has been excessive price of manufacturing lithium-ion rechargeable batteries
The price of battery cells used for electrical automobiles has fallen to a median of $110 per kilowatt hour (kWh), making such vehicles aggressive with these utilizing inner combustion engines (ICE), in keeping with Benchmark Mineral Intelligence (BMI).
One barrier to a better take up of electrical automobiles has been the excessive price of manufacturing the lithium-ion rechargeable batteries, which in keeping with BMI averaged $120 per kWh final 12 months and $280 per kWh in 2014.
“The holy grail to make electric vehicles cheaper than ICE vehicles is deemed to be battery cells costing $100 kWh,” mentioned BMI Managing Director Simon Moores.
“The reality is at $110 a kWh for large automotive contracts we have already reached the tipping point.”
BMI estimates that between 2014 and 2017 the worth of battery cells fell 16.5% every year, however between 2017 and 2020 the drop was solely 5.8% every year.
“We may have seen the last of the big easy wins for lithium-ion battery producers in reducing cost,” Moores mentioned.
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“It is now about reducing and stabilising the cost of your biggest input raw materials such as lithium, nickel, graphite, cobalt and manganese.”
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