Part 3/8:
Despite the perception that electric vehicles are still grappling with high price points, this narrative is rapidly changing. Over the last decade, the prices of EVs have become significantly less prohibitive. As the cost of lithium-ion battery packs plummets, companies like Tesla have already positioned themselves to compete aggressively on price. A recent drop in lithium-ion phosphate battery costs—from $91 per kilowatt-hour to $53—serves as a harbinger of even more affordable electric vehicles on the market.