Hyundai Thinks Electric Vehicle Prices Will Level Off By 2020

Hyundai expects the prices of electric vehicles to plateau by 2020 due to supply restraints.

In recent years, the costs of plug-in hybrid and electric vehicles have decreased rapidly, especially for the batteries themselves. The South Korean carmaker doesn’t believe this trend will continue for much longer.

“Not a single ingredient is going in a positive direction in terms of pricing,” Hyundai Motor senior vice president Lee Ki-sang told Reuters.

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

In the five years to 2016, lithium-ion battery cell prices have decreased by roughly 60 per cent. However, as more and more carmakers begin to produce EVs, demand for minerals including nickel, cobalt, and lithium required for batteries will rapidly rise. Consequently, supplies of these key ingredients could be stretched.

Yesterday, Hyundai said it and Kia will release 38 green models by 2025.

PHOTO GALLERY

  • Socarboy

    Materials becoming scarce, my point exactly concerning mass marking of electric vehicles, not to mention the increased demand on utilities to generate power to charge all those buggies overnight…HYDROGEN is the answer, zero emissions, similar power and hopefully range of a gasoline engine and never ending elements to make.

    • LWOAP

      And where exactly is that hydrogen going to come from? How much is available for use in mass market vehicles?

    • THEY CAN BOTH COEXIST.

  • Yokel

    The Hyundai Ionic is much better looking than either the Prius or Leaf. I even like the name better.

  • Andrew Ngo

    They forgot to mention many possible new battery materials in the near future which will continue to drive down the cost of battery. lithium-ion is coming to an end, solid state battery will be the future.

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