Title rewrite: Goldman Sachs predicts: In 2025, the electric vehicle market will usher in an important turning point, and the cost of batteries will drop to US$99 per 1kWh

News on November 22, according to the latest forecast report from Goldman Sachs, the cost of electric vehicle batteries will fall faster than market expectations.

Over the past two decades, the price of lithium batteries has dropped significantly, fueling the electric vehicle revolution. However, lithium battery prices have rebounded in recent years due to soaring metal costs and the impact of general inflation

Goldman Sachs Research Research) predicts that by 2025, the cost of vehicle power batteries will drop to US$99 per 1kWh of electricity, a 40% drop from 2022 (previously forecast to drop 33%). This prediction is considered an important turning point for the massive expansion of electric vehicles in the market.

According to analysis by Goldman Sachs, more than half of the reason is due to falling prices of raw materials for electric vehicles such as lithium, nickel and cobalt. Nikhil Bhandari, co-head of Asia Pacific natural resources and clean energy research at Goldman Sachs Research, noted in the team’s report that battery pack prices are expected to decline by an average of 11% per year from 2023 to 2030

Goldman Sachs is focusing on costs at the battery pack level, not costs in the battery cells. In the electric vehicle industry, battery pack prices vary widely because automakers use many different production methods to build battery packs. The realization of this prediction will bring greater development space to the electric vehicle industry

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