The sales of electric vehicles (EVs) are experiencing a decline, with BloombergNEF reporting the largest annual drop in lithium-ion battery prices since 2018. The average price of battery electric vehicle (BEV) packs fell to $139 per kilowatt hour, marking a 14% decrease from 2022. This decline is attributed to the significant growth in production capacity across the battery value chain. Despite this, several startups are working to make EVs cheaper to build and expand charging networks. In the US, almost one in five new vehicles are either all-electric or hybrids, and it is projected that the cost of owning small and midsize EVs will be cheaper than gas-powered vehicles by next year. Additionally, battery-grade lithium prices have plummeted over 70% from their peak in January due to weaker EV demand and the slowdown in China.
The inevitable EV future, as seen in two graphs from today's WSJ: 1) EVs now cost less than gas cars in China and Europe, and should cross over in the U.S. next year. 2) Lithium-ion storage has the best experience-curve slope. Most industries have a logarithmic rate of cost… https://t.co/0v8TC2X5Oa
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Battery-grade lithium prices are down over 70% from their peak in January as a result of weaker EV demand and the slowdown in China. https://t.co/Be4o4p9Den
Batter-grade lithium prices are down over 70% from their peak in January as a result of weaker EV demand and the slowdown in China. https://t.co/EQhTQkvBxb
#Nickel, #lead prices drop significantly on the Shanghai Futures Exchange despite economic support https://t.co/PmoqA9h906
The cost of owning small and midsize EVs is now cheaper than gas-powered vehicles in China/Europe and is projected to hit that point in the US by next year. https://t.co/64HWM7xYCq
Almost one in five new vehicles in the US are either all-electric or hybrids https://t.co/HAr2t2wAni https://t.co/QJla5dnhTu
Electric vehicles remain a tough sell for consumers. But several startups aim to make them cheaper to build, while others expand charging networks. Our market map outlines the vast EV segment within mobility tech and shows where capital is flowing. https://t.co/nxSZeGF9Ne
“Prices of key battery metals — especially lithium — have fallen dramatically since January, due to significant growth in production capacity across all parts of the battery value chain, from raw materials and components to battery cells and packs” — Bloomberg
According to BloombergNEF’s annual lithium-ion battery price survey, average BEV pack prices fell to $139 per kilowatt hour this year, a 14% drop from $161/kWh in 2022. That’s the largest decline observed since 2018.
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BloombergNEF breaks down the biggest annual drop in its lithium-ion battery price survey since 2018 https://t.co/oiHQ7BeLRc
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