Declining Lithium Prices Trigger Reductions, Boost EV Affordability
The cost of lithium, a key element in all EV batteries, has significantly decreased, making electric vehicles relatively affordable. This is great news for consumers. However, experts differ on the duration for how long low costs will persist. Several observers were surprised by the sudden changes because they had assumed that the prices would remain high or even increase, impeding the switch to greener transport methods, a crucial step in the fight against global warming. The decline in material costs has made it simpler for automakers to lower the cost of electric cars. For example, this year saw Tesla reduce…