Electric Car Prices Are Coming Very Close To Gas Car Prices via insideevs.com
Due to a variety of factors, the costs of producing EVs could drop drastically over the next few years, and given the competitive nature of the auto industry, automakers are likely to pass on much of the savings to buyers by lowering prices.
“Battery costs are the biggest contributor to the overall change in the cost of EVs, and their premium compared to [internal combustion engine] vehicles,” Paul Augustine, Director of Sustainability at Lyft, told theThis trend went into reverse in 2022, as the aftermath of the COVID pandemic caused raw-material prices to soar. According to— the first increase since Bloomberg began following the market in 2010.
To date, most EVs have used batteries based on chemistries that use nickel and cobalt, which are not only expensive, but also come from regions with poor environmental and human rights records. However, for some time, Chinese automakers have been using a different battery chemistry—lithium-iron-phosphate , which uses no nickel or cobalt.
Technological advances will deliver cost savings, but economies of scale will play an even more important role—and the scale of everything to do with EVs is expected to blast off over the next few years. Automakers and battery producers have massive investment in EV production lines, battery plants and new sources of raw materials in the pipeline—consulting firm AlixPartners told thethat automakers will invest a collective half a trillion dollars in EV development and production through 2026.
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