Electric cars may rise in price in 2022

Electric cars may rise in price in 2022


The average price of lithium-ion batteries has dropped from $ 140 to $ 132 per kWh over the past year. But there are no serious reasons for a further decline in prices on the market, and if the trend of growth in the cost of lithium continues, prices for electric vehicles may rise as early as 2022.

This was reported by RBC-Ukraine Auto with reference to BllombergNEF.

Prices in 2021 average 89% lower than in 2010, when batteries cost more than $ 1,200 per kWh.

If we talk about batteries of electric vehicles, then the prices are even lower – about $ 118 per kilowatt-hour. Analysts say the price decline can be attributed to a decline in the use of expensive cobalt in nickel-based cathodes. By 2024, battery prices could drop as low as $ 100 per kWh. This price tag will allow EVs to reach value parity with classic ICE powered cars.

But recent trends show that the market is witnessing an increase in lithium prices. Higher raw material costs can drive end product prices up to $ 135 per kWh.

If the growth in raw materials continues in the coming months, then the “golden” date with cheap batteries at $ 100 per kWh will shift by at least two years. Experts also predict that if the growth trend in lithium prices continues, then in 2022 prices for new electric vehicles may go up.

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