Could plummeting battery costs deliver mass market EVs as soon as 2024?

Electric vehicles could reach cost-parity with petrol and diesel cars

Michael Holder
clock • 4 min read
Plummeting battery costs could lead to EVs reaching cost-parity with petrol and diesel cars within three years | Credit: Tesla
Image:

Plummeting battery costs could lead to EVs reaching cost-parity with petrol and diesel cars within three years | Credit: Tesla

Electric vehicles (EVs) could be on track to reach cost-parity with fossil fuel cars within three years thanks to rapid strides in battery development worldwide, according to a new report from BloombergNEF (BNEF).

The influential clean tech analyst estimated that the cost of a lithium ion battery pack - the key component for EVs and home energy storage systems - now stands at $132 per kilowatt hour (kWh) in 2021,...

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