Electric vehicle sales have grown exponentially in recent years, accompanied by dropping prices. However, the adoption of EVs remains limited by their higher sticker price relative to comparable gas vehicles, even though the overall cost of ownership for EVs is lower. EVs and internal combustion engine vehicles are likely to reach sticker price parity sometime in the next decade. The timing hinges on one crucial factor: battery cost. An EV’s battery pack accounts for about a quarter of total vehicle cost, making it the most important factor in the sales price. Battery pack prices have been falling fast. A typical…
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