DUBLIN: There is good news for those looking to purchase an electric vehicle. The price of small and medium-sized electric cars and vans in Europe and North America will fall after two years, according to a new International Energy Agency report.
Higher prices for electric cars have affected sales, but lower prices for vehicles such as SUVs and small trucks will have to wait longer, says Timur Gül , head of energy technology policy at the IEA.
According to experts, advances in battery technology, lower production costs, and efficient assembly are all factors contributing to the lower prices. The technology to reduce battery production costs is expected to be available by 2025. They say that if the batteries are available at a low cost, the vehicle will also be available at a low cost.
Lithium and cobalt are critical components in electric vehicle batteries, and their prices have recently dropped significantly. Lithium prices fell by 20%, while cobalt prices fell by 50%. As batteries make up a third of the cost of EV cars, this is expected to have a significant impact on the price of electric cars.
The agency predicts that global sales of electric vehicles will increase by 35 percent this year. With this, the agency says that 18 percent (14 million) of the passenger car market will be electric cars. In 2020, it was four percent.
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