Electric car batteries can become more expensive due to high lithium prices

The carmakers have managed to reduce the price of batteries due to the limited use of precious metals, but lithium itself may become a problem next year. Its prices are rising. At the same time, it is crucial for car manufacturers to reduce the price of electric cars as much as possible to the level of cars with an internal combustion engine and thus start selling them. If they do not sell enough of these electric cars, they face heavy sanctions in the EU.

According to the annual BloombergNEF report, the average price per kWh in batteries used across various sectors, including electric cars, buses and energy storage, fell from € 124 to € 117 year-on-year. Even more impressive is the fact that compared to 2010, the average price per 1 kWh in batteries fell by 89 percent.

According to BloombergNEF analyzes, average prices per kWh have fallen for a number of reasons, including the shift to more affordable “LiFePo” chemicals and the reduction in the use of precious metals such as cobalt. If this trend continues, the average price of kWh in batteries could fall to about 88 euros by 2024, which should be the point where electric cars finally compare in price with cars equipped with internal combustion engines.

However, the prospects are not just rosy. During this year, the prices of lithium, which is the basic material for most batteries, increased. There is thus a possibility that the price of batteries will rise slightly next year to an average of 119 euros per kWh.

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