Dec 17, 2020 - Energy & Environment

Downward march of lithium-ion battery prices is making EVs more competitive

Data: BloombergNEF; Chart: Axios Visuals
Data: BloombergNEF; Chart: Axios Visuals

The ongoing cost declines for lithium-ion battery tech is helping to make electric vehicles competitive against internal combustion models, per new analysis from the research firm BloombergNEF.

Why it matters: The annual study sees 2023 as the point where automakers "should be able to produce and sell mass market EVs at the same price (and with the same margin) as comparable internal combustion vehicles in some markets."

How it works: That chart above shows an average across different types of vehicles, as well as stationary storage. BloombergNEF's Nathaniel Bullard points out in a column this morning that there's lots of variation.

Yes, but: "In every application, though, these batteries are now making serious inroads into their respective markets of public transportation, personal vehicles, and electricity networks," Bullard writes.

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