EV Batteries Will Be More Affordable By 2023

There is a common perception about electric vehicles EVs that they are very expensive and especially when it comes to EV batteries the parts will be more expensive. It is thought that EV batteries will be expensive and will force the owner to consider whether to choose a petrol-powered vehicle o r an electric vehicle.

The news for now is that with the passage of time the batteries of the EVs will get cheaper and more affordable. BloombergNEF conducted a price survey of the EV batteries and prepared a report in this regard.

According to the Bloomberg EV Batteries Price Survey 2020, the prices of the EV batteries will be significantly go down by 2023. In the report it is claimed the EV makers will develop the affordable and profitable models and without the tax subsidies.

According to BloombergNEF Report
“The average price per kilowatt-hour for a lithium-ion battery pack, according to the survey of nearly 150 buyers and sellers, has fallen to $137, down 13 percent from $157 in 2019. A decade ago, these batteries sold for more than $1,100 per kilowatt-hour. The threshold for price parity with gasoline engines, according to BNEF, is around $100/kWh. In the report, BNEF analysts said they expect battery makers to hit $101/kWh in 2023. For the first time, the survey found some prices reported at the cost-competitive level, with batteries for e-buses in China selling at $100/kWh”

If the reports and expectations come true than the whole auto industry will be transformed from fuel vehicles to electric vehicles that is a very favorable aspect in terms of heavy expenses, environment and other auto related issues. Pakistan is also quickly moving ahead to convert the auto industry in to fully electric, which will definitely will help to boost the economy of the country, to overcome pollution and vice versa.