In 2017, the world's electric vehicle sales reached 1.09 million, an increase of 57% year-on-year, supported by lower battery prices and strong Chinese demand.
In 2017, the sales of global electric vehicles reached 1.09 million, a 57% increase year-on-year
According to the latest report from the Bloomberg New Energy Finance Corporation (BNEF), the UN Environment Agency and the Frankfurt School-UNEP Cooperation Center, China's electric vehicle sales reached 533,000 last year, followed by 280,000 in Europe and 210,000 in North America. Light-duty electric vehicles account for only 1.8% of the electric vehicle market, but in some markets, their penetration rate is increasing significantly. Norway is an example of this. In the months after 2017, the share of light electric vehicles is about 40%.
Due to technological progress and economies of scale, battery prices have been declining in recent years.
"Similar to the reduction in the cost of solar and wind energy, the cost of batteries has also shown a downward trend, and the battery is a key component of electric vehicles. If the cost decline continues, then the relative economy may lead to the share of electric vehicles in the global automotive market in the next ten. There was a rapid increase in the absence of subsidies during the year," the report said.
BNEF's modeling shows that the average price of lithium-ion batteries by 2025 may be almost halved from $209 per kilowatt-hour in 2017 to $109 per kilowatt-hour. The cost of 2017 decreased by 23% from 2016. The cost reduction will depend on the further expansion of the electric vehicle market, which will promote the economies of scale of production and the cost reduction of metals such as lithium and cobalt.
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