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Car Makers Set to Make More Hybrids and EV’s as the Lithium-Ion Price Decreases

Today Car makers are opting for new eco friendly solutions for their problems and hence the significance of the use of lithium ion batteries has also increased tremendously. The high storage capacity and relatively compact size of lithium ion batteries makes electric vehicles (EV) like the Nissan Leaf and Ford Focus Electric possible, not to forget “extended range” electrics like the Chevy Volt and Fisker Karma. If a recent study is to be believed then the good news for EV buyers is that the price of lithium ion batteries could drop by two-thirds before the end of this decade.
The study, published by McKinsey Research reveals, the price of a “complete automotive lithium ion battery pack” could drop from the current price of $500 to $600 per kilowatt hour to $200 per kWh by 2020. By 2025 the same battery could cost as little as $3648 (not accounting for inflation). Similarly, the 16.5kWh battery in the upcoming Holden Volt costs as much as $9372 today, but might decrease to $3124 by 2020 and $2508 by 2025. The price of the battery components is also expected to fall, which will make the batteries cheaper. This tendency will increase as more batteries are produced. It’s the same mass production phenomenon that made the Model T so reasonably priced


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