After a temporary rise due to inflation, prices are now dropping, with the decline expected to be steeper than previously forecasted. Goldman Sachs predicts battery prices will decrease to $99 per kilowatt hour (kWh) by 2025, a 40% drop from 2022. This is a more significant decrease than the previously forecasted 33% decline. Almost half of this reduction is expected to come from falling prices of EV raw materials such as lithium, nickel, and cobalt. Battery pack prices are projected to fall by an average of 11% per year from 2023 to 2030. This reduction in battery costs could lead to more competitive EV pricing, wider consumer adoption, and further growth in the total addressable markets for EVs and batteries.
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