Battery Prices Plunge — and it’s an opportunity to give A spark to stalling EV sales
Lost in most of the discussion of the financial viability of electric vehicle production is the fact that the price of batteries — a major part of an EV’s cost — has dropped sharply, giving manufacturers the opportunity to lower the high prices that are rapidly crippling the industry.
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According to The Information, “BNEF (a division of Bloomberg) said in its annual price survey that the average global price for EV battery packs fell 27% in 2024 to $97 per kilowatt-hour, allowing automakers to profitably sell some electric vehicles — largely expensive luxury cars — for the same price as similar gas autos.”
Low on cash
The companies that the drop in battery prices could help the most are those in financial trouble, such as Lucid and Rivian, which are growing low on cash and even lower on unit sales. Each sells among the most expensive EVs in America at over $80,000.
The other car companies that will be helped are GM and Ford. Ford has lost about $100,000 for each EV sold so far this year and both companies have retreated from plans to invest billions of dollars in their EV future.
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