The battery is the most expensive piece of an EV, so lower costs will reduce the COGS – cost of goods sold, thus the consumer will be able to get an EV for even less. This makes the EVs more competitive with gas guzzlers. It will also make the $25,000 EV easier to build.
CATL, BYD To Slash Battery Prices By 50% In 2024. BOOM! EVs Win!