electric car demand

China’s Electric Vehicle Boom: Record-Breaking Sales Surge in September 2024—Here’s What’s Driving It

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China's Electric Vehicle Boom: Record-Breaking Sales Surge in September 2024—Here's What's Driving It

Beijing, China — September 2024: China’s new energy vehicle (NEV) market witnessed significant growth in early September, reflecting rising demand and favorable market conditions. According to data released today by the China Passenger Car Association (CPCA), retail sales of NEVs during the first eight days of September reached 214,000 units, marking a 56% year-on-year increase … Read more

“Electric Car Prices Are About to Plummet—Here’s the Shocking Reason Why”

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Electric vehicle (EV) prices have dropped significantly over the past year, with an average decrease of around 30%. While this is great news for consumers, the cost of EVs could decrease even more in the coming months, thanks to a combination of falling battery prices and increased competition in the market. Recent data shows that battery pack costs have declined by 90% since 2008, according to the United States government. Even more encouraging is the continued drop in lithium carbonate prices, a key material in EV batteries. From a high of 600,000 RMB per ton in 2022, lithium prices have plummeted to below 95,000 RMB per ton, marking a significant reduction. This decrease in material costs, coupled with the ongoing improvements in battery technology, is driving down the price of EV batteries globally. In July, the cost of battery cells fell by approximately 2% compared to June, with lithium iron phosphate (LFP) cells becoming particularly affordable. LFP cells are now about 35% to 40% cheaper than their ternary counterparts, making them a popular choice for manufacturers like Tesla, which uses them in its standard range vehicles. Moreover, the decline in prices isn’t limited to China. Battery material costs, including cathode materials, cobalt, nickel, and copper, have also dropped. This has resulted in the average price of lithium-ion phosphate battery cells falling by an impressive 9%. The increase in production of high-capacity cells has also contributed to the reduction in costs, with manufacturers benefiting from economies of scale. Chinese EV manufacturers are leveraging these lower costs to aggressively expand into global markets, including Australia and Thailand, where there are no customs fees. This push is expected to further reduce EV prices as competition intensifies. With the need to increase sales and reach economies of scale, car manufacturers are likely to continue driving down prices to make EVs more accessible to a broader audience. As battery technology improves and production scales up, the price of EVs will likely keep dropping, making them even more competitive against traditional gasoline-powered vehicles. Whether it’s through reduced costs or increased range, the future of electric vehicles looks brighter—and more affordable—than ever before.

Electric vehicle (EV) prices have dropped significantly over the past year, with an average decrease of around 30%. While this is great news for consumers, the cost of EVs could decrease even more in the coming months, thanks to a combination of falling battery prices and increased competition in the market. Recent data shows that … Read more