your yearly battery Report In BloombergNEF, the average battery cost per kWh has fallen from $140 last year to $132, according to BloombergNEF. The average cost of a battery for electric vehicles is about $118 per kWh. But the report also pointed out that rising lithium prices and higher raw material costs in recent times could make batteries more expensive in the coming years.
Since the cost of batteries is a significant part of the cost of electric vehicles, the price of electric vehicles may also see an increase. The report’s lead author, James Frith, said battery prices fell in 2021, but prices have been rising since the second half of the year. This will create a difficult environment for auto makers, especially in Europe, to increase sales of electric vehicles to meet emissions standards.
If battery prices continue to rise, the auto makers’ decision will have to be seen. If companies do not increase the prices of electric vehicles, they will lose margins. If the prices are hiked, the customers who are in this booming market can get away from it and go with petrol and diesel vehicles for some more time, which can be a big loss for the electric vehicles and the companies involved in developing them.
Brands from around the world like Tesla, Mercedes, Volkswagen to Renault, Toyota, Hyundai, GM and Nissan have presented their plans for electric vehicles. Now what will be the attitude of these companies going forward, it will be known in the year 2022. The new year can prove to be a turning point for electric vehicles.