This report analyzes emerging electric vehicle technologies in terms of the models offered, electric range, battery capacity, and battery cost across major global markets. The analysis is based on public automaker and supplier announcements, as well as research by academic and energy laboratory research. The report assesses the potential for increased global electric vehicle production volume across automobile manufacturers and battery suppliers. In turn, the potential to reduce electric vehicle battery pack costs through 2023 is analyzed.
Based on the analysis, the authors conclude:
- Increased diversity of electric vehicle models is creating more alternatives across all market segments. Manufacturers are increasingly offering all-electric or plug-in hybrid models across most vehicle classes to more broadly meet consumer demands.
- Electric vehicles with increased electric range are entering the market. Next-generation vehicle models with at least 200 miles of electric range could accelerate the trend toward a mass-market electric vehicle fleet.
- Companies are making the move to higher production and lower cost. As leading electric vehicle battery suppliers increase their production volume to hundreds of thousands of battery packs per year, the pack costs decrease to $150-$175 per kilowatt-hour in the 2020-2023 time frame.
