Electric cars are still costly in the showroom than the gasoline equivalents. Sure, there are tax incentives, servicing is much easier, and in some situations, charging could be cheaper compared to refueling. And it is the sticker price which keeps the electric powertrain hidden from some shoppers. This dilemma is highly significant when Tesla and GM cars have met their allowance of electric vehicles qualified to earn the tax incentive, which ensures that sticker rates are charged by individuals purchasing such vehicles.

Luckily, the rate per kilowatt-hour appears to begin to trend downward. The industry average could be $101 per kWh by the year 2023, as per a recent study from energy consulting company BloombergNEF (New Energy Finance). The price point of $100-per-kWh is just where analysts expect EV costs to equal the prices of equivalent gas-powered cars. If state and federal tax incentives are still valid at the point, it is possible that they will make an EV easier to purchase than a gas vehicle.

The study states that bus battery packs in China have now fallen below the price point of $100-per-kWh. As for the global average battery cost in 2020 throughout all segments of EVs (including personal cars, stationary battery solutions, buses and commercial EVs), a record low of $137 per kWh was achieved in 2020. It’s an 89 percent decline from 2010 when $1100 per kWh was the price. As the key contributors to the price drop, BloombergNEF identifies increased demand due to sales increase, declining manufacturing costs, cathode materials price, as well as new pack designs. It’s fundamental economics. If you create more of something, as the whole world changes and becomes more effective, the prices decline.

The study says hiccups could change the price estimate, but by 2030, it still predicts prices to fall around $58 per kWh. If the solid-state batteries eventually become stable enough to be sent mainstream and probably wind up in cars, this is one way that might help decrease the cost. The study notes that perhaps the cost of producing these battery types is 40% greater than that of existing lithium-ion batteries. There are a few issues which are essential to be able to note. 

The most notable advances are advances in cathode components since the cathode is the main part of the battery expense. The intense interest in commodity markets is motivated by this. Nickel cobalt aluminum oxide which is used in Tesla cars, nickel manganese cobalt oxide that is used in a majority of the other electric vehicles, as well as lithium iron phosphate that is used in a majority of the electric buses, are some of the most popular cathode components for electric vehicles.

The cheapest price and maximum energy-for every-unit-mass, or actual energy, of these three commodities, is nickel-cobalt aluminum oxide. The increased power results in a cheap price per unit of the energy since less cells are used to create a battery pack. For other cell components, this leads to a lower cost. Inside the cathode, cobalt is the most costly material, but compositions of these materials containing less cobalt usually result in cheaper batteries.

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