Lithium-ion batteries are expected to fall to 10% of the cost of electric vehicles

According to Australian forecasts, lithium-ion batteries are expected to account for 10%
of the total price of electric vehicles from the current 50%.

Speaking at the Battery Metals Conference in Perth, Western Australia, Behyad Jafari, chief executive of the Australian Electric Vehicle Council, said: "EV battery costs have fallen by around 80% and this trend will continue until around 2024 when the upfront cost of electric vehicles is reduced to the cost
of internal combustion engine vehicles.
”

He said that the original sales of electric vehicles of 1 million units in 6 years exceeded 2 million in only 6 months in 2018, which shows the rapid growth of the global electric vehicle market in the near future
.

Global automakers are already behind the decision-making curve
when it comes to launch plans to meet growing demand for electric vehicles.
"We are currently in an incremental growth phase, but the two tipping points for buying an EV and the attractiveness of the upfront EV cost are expected to be reached between 2021 and 2024," Jafari said
.

Currently, electric vehicles account for about 2% of global passenger car sales, but by 2040, this could reach 60-65%
as more consumers and companies embrace the need for lower emissions and improved performance and efficiency of electric vehicles.

Jafari predicts that lithium concentrate demand from battery producers will increase to about 850,000 mt/year by 2025, compared to 300,000 mt/year
today.