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Electric Car Battery Packs Are Now Cheaper Than Expected to Be In 2020

In case you’re still skeptic about the recent EV wave and intensive interest in green technologies coming from high-name carmakers, here’s a mind-changer: the cost of battery packs for electric cars went lower than analysts expected for year 2020.
Chevy Volt Battery Pack 1 photo
Photo: Chevrolet
A recently published analysis from The Carbon Brief states that a new study in Nature Climate Change found out that EV batteries are at the moment cheaper than automotive experts expected they would be five years from now.

It really says a lot about the momentum gained by the global green movement and the fast rate at which EVs and PHEVs earn popularity among car buyers around the world. As you might know, electric vehicles are more expensive than cars powered by means of internal combustion engines (ICE) mainly because of battery costs, besides other factors.

The thing is people are still reluctant to pay a large sum of money at once and benefit from reduced spendings on fuel and maintenance in the long term, which works in the detriment of electric vehicles or plug-in hybrids.

Coming back to the aforementioned study, it claims that in 2014 the International Energy Agency (IEA) estimated that it would take until 2020 for cell costs to go below the $300 per kWh mark.

However, recent findings show that for market-leading firms (Nissan and Tesla included), costs have fallen steadily by 8% per year, reaching $300 per kWh in 2014. The paper also states that “if costs reach as low as $150 per kilowatt hour this means that electric vehicles will probably move beyond niche applications and begin to penetrate the market more widely, leading to a potential paradigm shift in vehicle technology.”

Could we be witnessing a massive shift of power in the automotive world? Tell us what you think in the comments section below.
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