Yeah, I said “can be”. Some are, some are not. Yet. But, it’s happening.
From The Electric Viking LFP cell prices have dropped from $91 to $53 per kilowatt hour in the last year. The drivetrain components for an EV cost less than for an ICE car — because it is so much less complicated. So, the only reason for EVs to cost more than ICE vehicles is the battery cost.
China is way ahead of the US in lower battery prices. While not car-specific, the price for grid energy storage has come down to $63/kWh at the pack level. That’s not the battery price but the price of a whole energy storage system including the battery.
Today, EVs in China have reached price parity with ICE vehicles. Not so in the rest of the world, yet. But, production of batteries are ramping up significantly in the US. There will likely be over-production the US in the next year. The result is going to mean EV prices in the US will drop — likely will drop enough to cause EVs in the US to reach price parity with ICE.
