Saturday, 12 May 2012

electric car battery prices drop 14 percent on year

The average price of an electric vehicle-grade battery fell 14 percent year-on-year to $689 per kilowatt hour in the first quarter as manufacturing capacity outstripped demand, a report by Bloomberg New Energy Finance said on Tuesday.

Lower battery costs for electric vehicles could improve their commercial uptake, which has been slow. The United States wants to see up to 1 million electric and plug-in hybrids on its roads by the middle of next decade.

To help achieve this goal, the U.S. government has spent over $2 billion under President Obama to underwrite domestic battery production and billions more to finance electric car development to cut U.S. oil imports and reduce pollution.

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