Reported 2 months ago
As battery prices drop dramatically, electric vehicles (EVs) are projected to reach cost parity with gas-powered cars by 2025 or 2026, marking a significant turning point for the automotive industry. Analysts predict the average battery cost will decrease to approximately $115 per kilowatt hour in 2024, a 23% reduction from the previous year. This decline in battery costs, paired with governmental incentives and shifting market dynamics, could lead to a surge in EV adoption, as current price disparities are primarily due to the higher costs of larger batteries favored by US drivers.
Source: YAHOO