Is the Recent Price Spike in Electric Vehicle Lithium-Ion Battery Packs Temporary or the Start of a New Trend?

Most nations are evaluating vehicle electrification as a way to decarbonize their passenger car sectors. To make electric vehicles competitive with conventional vehicles for cost-conscious consumers, the upfront purchase price of electric vehicles needs to fall. The battery pack is the most expensive part of an electric vehicle, accounting for about 30% of the total cost to consumers.