According to foreign media reports, one of the main obstacles to the large-scale popularization of electric vehicles around the world is the higher price.
According to data released by the Kelly Blue Book (Kelley Blue Book), the average trading price of new internal combustion engine cars in the US in June was $48644, while the average suggested retail price (MSRP) of electric vehicles was $56371.
The price difference between the two is close to $8000, enough to buy another used gasoline-powered daily commuter car.
In other words, there is still a high price difference between electric cars and gasoline cars.
However, due to the rapid decline in the cost of lithium batteries, this gap will soon disappear, and electric vehicles will be more popular with consumers.
In 2024, the news of “slowing growth of electric vehicle sales” is often reported in the media, and by 2025, electric vehicle sales are expected to take a turn for the better, at least in terms of car purchase costs.
Some industry insiders estimate that the cost of owning electric cars may be lower than that of gasoline-powered cars between 2025 and 2026.
Photo: Tesla, the estimated cost of lithium battery packs for light electric vehicles dropped sharply by 90% between 2008 and 2023, from as high as $1415 / kWh 16 years ago (adjusted for inflation) to $139 / kWh last year.
These estimates come from the vehicle Technology Office of the U.S. Department of Energy (DOE), which added that the cost applies to the available capacity of the battery pack rather than the rated capacity, producing at least 100000 units a year.
Goldman Sachs estimates that battery costs were slightly higher last year, at $151 per kilowatt-hour.
But more importantly, the agency expects battery prices to fall by a further 40% between 2023 and 2025, which will lead to more affordable electric cars that will eventually be cheaper than gasoline-powered cars and still make profits for manufacturers.
A previously released study by the International Clean Transport Council (International Council On Clean Transportation) shows that because of the oversupply of lithium, the cost of electric vehicles will be the same as those of internal combustion engines by 2029.
Battery cost accounts for about 1/3 to 1/4 of the vehicle cost, so although it is not the only factor, it is one of the biggest factors.
China has found a way to make electric cars cheaper than gasoline cars, but the United States is trying to catch up and eventually provide consumers with what they want: more affordable electric cars.
Tesla is expected to launch an electric car priced lower than the Model 3 sometime next year, while Ford is also actively developing an affordable electric vehicle platform that can offer lower purchase prices and bring healthy profits to the company compared to the company’s current product portfolio.
Before that, some car companies were relying on attractive loans and rental concessions to attract consumers who want to buy electric cars.
Low interest rates and affordable monthly payments, coupled with federal tax credits for renting cars that are not assembled in North America, sometimes mean that electric vehicles, despite their high MSRP, are still cheaper to own than fuel-powered cars.
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