Hyundai Exec Thinks EV Battery Prices Will Stop Declining In 2020

Hyundai IONIQ Electric

Hyundai Motor Co is investing heavily in the plug-in electric cars, but Senior Vice-President Lee Ki-sang (who oversees Hyundai’s green car operations) spreads concerns of battery prices that could stop declining in 2020.

Year 2020 ahead of us!

What exactly will happen in 2020 to stop the long-term trend of falling prices one might ask?

Well, according to Lee Ki-sang, the key ingredients are expected to become more expensive.

“Not a single ingredient is going in a positive direction in terms of pricing,”

“So far battery prices have been declining at a rapid pace, but the pace will moderate significantly or maintain the status quo by 2020.”

If the ingredients (like nickel, cobalt and lithium) cost more, then all the weight of progress will fall on technology.

Because batteries are the most expensive part of most plug-in electric cars, then affordability will be tougher to achieve.

Interestingly, Volkswagen is looking to secure long-term supplies of cobalt, but so far hasn’t had any progress in that regard.

“In September, Reuters reported that Volkswagen was moving to secure long-term supplies of cobalt for the group’s electric vehicle plans, but its talks with cobalt producers in November ended without a supply deal.”

Source: Reuters