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As Battery Costs Drop, EV Market Expected to Rise

ev-chargingAccording to analysts at Lux Research, the electric vehicle (EV) market will expand if manufacturers can get the price of lithium-ion batteries down.

One senior analyst noted that developers need to drive down prices to $200 per kWh for the battery packs in order to make EVs more affordable.  Lux envisions EV companies achieving 35 percent reductions in the next 10 years, which would bring costs down to between $170 and $210 per kWh.

The Tesla-Panasonic “Gigafactory” is a frontrunner in developing a cheaper battery pack.  The collaborators have already targeted optimizing manufacturing processes ranging from onsite suppliers to using locations with lower energy and operating expenses.

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