The cost of lithium-ion battery technology has fallen dramatically over the last three decades, claims a recent analysis conducted by researchers at the Massachusetts Institute of Technology (MIT). And, they predict that further steep declines could be possible in the near future.
According to Jessika Trancik, an associate professor at MIT’s Institute for Data, Systems and Society who conducted the analysis, the cost of these batteries has dropped by 97 percent since they were first commercially introduced in 1991…
“Battery costs determine price parity of electric vehicles with internal combustion engine vehicles,” adds Venkat Viswanathan, an associate professor of mechanical engineering at Carnegie Mellon University, who was not associated with the MIT analysis. “Thus, projecting battery cost declines is probably one of the most critical challenges in ensuring an accurate understanding of adoption of electric vehicles.”