The Price of an Electric Car can be Similar to that of a Gasoline Car in 2 Years

Price is one of the main drawbacks of electric vehicles. Average gasoline vehicle in the US hovering around $ 38,000, while EV is well above that. The main thing that makes electric vehicles more expensive than gasoline vehicles is the battery. They are packed with materials that are hard to find and the demand for electric vehicles is not there for automakers to increase their supply of batteries. The annual BloombergNEF (New Energy Financing) report on battery prices found interesting information. Lithium-ion battery packs used to cost $ 1,100 per kWh in 2010, but have since fallen 89 percent to $ 137 per kWh by 2020. According to the company's latest estimates, the average price will be close to $ 100. per kWh by 2023.