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Battery cost likely to be about half of today’s price by 2020

NOVI, Mich.—Two executives at top automotive battery companies said this week that the cost of lithium-ion batteries used in electric and hybrid vehicles are on a steady decline and are likely to be about half of today’s price by 2020.

However, one cautioned the costs of the electronics systems that monitor and control the batteries could remain high because of a lack of standardization among hybrid auto makers.

“We have an internal target to go down by at least a factor of two by 2020,” said Prabhakar Patil, chief executive officer of LG Chem 051910.SE +0.80% Power Inc., a division of one of the world’s largest lithium-ion battery makers, LG Chem Ltd. “I am very positive in terms of the slope that I see.”

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