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According to a study last year, electric car batteries have become significantly cheaper, but prices have fallen in one country in particular.
EV battery prices fell sharply in 2024
Good news for anyone thinking about buying an electric car: the batteries that power them got a lot cheaper last year. In 2024, prices for lithium-ion battery packs, the heart of any EV, tumbled by 20%, according to a study by the International Energy Agency (IEA). This is the biggest price dive seen since 2017. Why the sudden price break? It's a mix of factors. More companies are now making batteries, and that leads to increased competition. Fa…
To have electric cars at a price equivalent to their combustion engine counterparts, we need cheaper batteries. The trend is favorable, although things are very different in Europe than in the rest of the world.
The price of high-voltage traction lithium-ion batteries for electric vehicles fell by a full twenty percent last year compared to 2023. This is according to a study by the International Energy Agency (IEA), which suggests that the prices of entire electric vehicles will also decrease on the market. Batteries currently account for at least 40% of the total production costs of an electric vehicle.
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