More quickly than seemed possible a
few months ago, sticker prices for electric vehicles are falling closer to the
point at which they could soon be on a par with gasoline cars.
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Increased competition and falling prices
for lithium and other battery materials are making electric vehicles noticeably
more affordable. The tipping point when electric vehicles become as cheap or
cheaper than cars with internal combustion engines could arrive this year for
some mass market models and is already the case for some luxury vehicles.
Prices are likely to continue trending
lower as Tesla, General Motors, Ford Motor, and their battery suppliers ramp up
new factories, reaping the cost savings that come from mass production. New
electric vehicles from companies like Volkswagen, Nissan, and Hyundai will add
to competitive pressure.
Prices are likely to continue trending lower as Tesla, General Motors, Ford Motor, and their battery suppliers ramp up new factories, reaping the cost savings that come from mass production.
Another significant factor is subsidies
paid to companies that manufacture batteries in the US, part of a drive by the
Biden administration to establish a domestic supply chain and reduce dependence
on China.
Falling prices for materials like lithium
and cobalt have also helped. The price of lithium used in batteries has fallen
20 percent from its peak in November, though the metal still costs more than
twice as much as it did at the end of 2021. Cobalt has fallen by more than half
since May, in part because carmakers are selling some models that do not
require it, reducing demand.
But arguably the most powerful force
driving down prices is not the commodity markets.
As electric-vehicle sales soar — rising 66
percent in the US last year to 810,000, according to Kelley Blue Book —
automakers are getting better at making them. For instance, Ford has reduced
the weight of the Mach-E by 70 pounds, increasing range and lowering cost, by
eliminating some wiring, Jim Farley, the company’s chief executive, told
investors this month.
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