Cost of Battery Storage: A Catalyst for Electric Vehicle (EV) Adoption

Abstract

This research paper delves into the evolving landscape of battery technology and emphasizes its pivotal role in advancing humanity toward a net-zero economy, a system in which the emissions added to the atmosphere are balanced with the amount removed. It highlights the pressing need to transition to sustainable energy sources, discusses the versatile applications of batteries, and examines established and emerging battery technologies. Most notably, this research explores the link between the cost of battery storage per kWh at the pack level and the adoption rate of electric vehicles (EVs). It suggests that achieving price parity with internal combustion engine (ICE) vehicles is the tipping point that will jumpstart the electric revolution by making EVs attractive to a broader demographic of buyers.