{"id":3419,"date":"2012-07-16T15:55:55","date_gmt":"2012-07-16T15:55:55","guid":{"rendered":"http:\/\/blog.njstateauto.com\/auto-industry-news\/experts-predict-cost-of-ev-batteries-will-drop-significantly-by-2025\/"},"modified":"2012-07-16T15:55:55","modified_gmt":"2012-07-16T15:55:55","slug":"experts-predict-cost-of-ev-batteries-will-drop-significantly-by-2025","status":"publish","type":"post","link":"https:\/\/www.njstateauto.com\/blog\/experts-predict-cost-of-ev-batteries-will-drop-significantly-by-2025\/","title":{"rendered":"Experts Predict Cost of EV Batteries Will Drop Significantly by 2025"},"content":{"rendered":"<p>Electric vehicles (EVs) have been on the market for a few years now, but these cars tend to cost more than gas-powered models due to their expensive batteries. However, a recent study by McKinsey and Co. found the cost of manufacturing these lithium-ion batteries could drop as much as 70 percent by 2025. This will drive down overall production costs, which could make it cheaper for automakers to build EVs and pass on the savings to consumers.&nbsp; This, coupled with stricter fuel economy regulations, may result in a bigger push for more EVs on the road, according to Reuters.<\/p>\n<p>Currently, the price of a lithium-ion battery pack is between $500 and $600 per kilowatt-hour, but the U.S. Department of Energy requires manufacturers to reduce the price to $300 by 2014. Reuters reports the <a href=\"http:\/\/www.njstateauto.com\/preowned\/index.cfm?make=Ford\" class=\"dnautolink\">Ford<\/a> Focus Electric&#039;s 23-kilowatt-hour battery currently costs between $12,000 and $15,000 to build, but if the price reduction works, this expense will decline as well.<\/p>\n<p>&quot;Regulation around the world, not just in one region, is getting increasingly stringent,&quot; Russell Hensley, a McKinsey consultant, told the news source. &quot;If you want to play in the automotive markets around the world, you actually need vehicles that are emitting less carbon.&quot;<\/p>\n<p>While the pending price drop will likely lead to more affordable alternative energy vehicles, those in the market for a car today can head to <a href=\"http:\/\/www.njstateauto.com\" class=\"dnautolink\">NJ State Auto Auction<\/a> to check out the variety of used makes and models available. Whether drivers are looking for an alternative fuel option or just want something with a decent fuel economy, NJ Auto will have something to fit their needs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Electric vehicles (EVs) have been on the market for a few years now, but these cars tend to cost more than gas-powered models due to their expensive batteries. However, a recent study by McKinsey and Co. found the cost of manufacturing these lithium-ion batteries could drop as much as 70 percent by 2025. This will [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Experts Predict Cost of EV Batteries Will Drop Significantly by 2025<\/title>\n<link rel=\"canonical\" href=\"https:\/\/www.njstateauto.com\/blog\/experts-predict-cost-of-ev-batteries-will-drop-significantly-by-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Experts Predict Cost of EV Batteries Will Drop Significantly by 2025\" \/>\n<meta property=\"og:description\" content=\"Electric vehicles (EVs) have been on the market for a few years now, but these cars tend to cost more than gas-powered models due to their expensive batteries. However, a recent study by McKinsey and Co. found the cost of manufacturing these lithium-ion batteries could drop as much as 70 percent by 2025. This will [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.njstateauto.com\/blog\/experts-predict-cost-of-ev-batteries-will-drop-significantly-by-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"Used Car Blog - NJ State Auto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NJStateAuto\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-07-16T15:55:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cdn-ds.com\/blogs-media\/sites\/174\/2020\/06\/10141444\/NJStateAuto.com-url.png\" \/>\n\t<meta property=\"og:image:width\" content=\"517\" \/>\n\t<meta property=\"og:image:height\" content=\"61\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@twinturboblogsadmin\" \/>\n<meta name=\"twitter:site\" content=\"@njstateauto\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"1 minute\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"https:\/\/tt-blogs.dealerfire.com\/njstateauto\/#organization\",\"name\":\"NJ State Auto Used Cars\",\"url\":\"https:\/\/tt-blogs.dealerfire.com\/njstateauto\/\",\"sameAs\":[\"https:\/\/www.facebook.com\/NJStateAuto\/\",\"https:\/\/www.instagram.com\/jerseycitycars\/\",\"https:\/\/www.youtube.com\/njstateauto\",\"https:\/\/www.pinterest.com\/njstateauto\/\",\"https:\/\/twitter.com\/njstateauto\"],\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/tt-blogs.dealerfire.com\/njstateauto\/#logo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/cdn-ds.com\/blogs-media\/sites\/174\/2019\/08\/01181502\/NJ-State-Auto-Logo.png\",\"contentUrl\":\"https:\/\/cdn-ds.com\/blogs-media\/sites\/174\/2019\/08\/01181502\/NJ-State-Auto-Logo.png\",\"width\":240,\"height\":240,\"caption\":\"NJ State Auto Used Cars\"},\"image\":{\"@id\":\"https:\/\/tt-blogs.dealerfire.com\/njstateauto\/#logo\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/tt-blogs.dealerfire.com\/njstateauto\/#website\",\"url\":\"https:\/\/tt-blogs.dealerfire.com\/njstateauto\/\",\"name\":\"Used Car Blog - 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