Will Electric Vehicles Turn The Auto Market Around?

The article takes stock of how the EV sector fares as of now and what the future will unfold

While electric vehicles are gradually gaining acceptance among users, the industry has yet to show any profitability. This is because adjustments are inevitable in the marketplace, and each EV maker’s ability to adapt to various changes is paramount. The article takes stock of how the EV sector fares as of now and what the future will unfold 

The cost of lithium-ion battery packs reached a historic low of USD 139 per kWh this year, marking a notable 14 per cent decrease from the levels seen in 2022. This substantial drop is attributed, in part, to heightened production capacity along various segments of the battery value chain. In contrast to the "unprecedented price increases" observed in the previous year, the decline in 2023 is also influenced by the reduction in prices for raw materials and components.