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Battery packs used in electric vehicles are becoming cheaper and for the first time are nearing competitive parity in terms of cost with gasoline-powered vehicles, according to a survey conducted by Bloomberg.
What Happened: The average price per kilowatt-hour (kWh) for a lithium-ion battery pack has fallen to $137 in 2020, down from $157 in 2019, a survey of 150 buyers and sellers revealed, reported Bloomberg Wednesday.
The parity level with gasoline engines is near $100/kWh. The Bloomberg survey found that batteries for e-buses in China are reported to be $100/kWh in some cases.
Battery makers are reportedly expected to reach the $101/kWh levels in 2023, which would be a significant decline from a decade ago when battery pack prices averaged more than $1,000/kWh.