Worldwide, one in five new cars sold this year will be battery-powered, per International Energy Agency estimates; in 2018, just 2 percent of new vehicles sold were EVs. Electric two- and three-wheelers have taken off in many countries over the last decade, most notably China, India, and Vietnam. In the U.S., there’s been a surge in both grid-scale storage and backup batteries for homes equipped with rooftop solar. Startups are manufacturing battery-powered induction stoves. Disney and Netflix are working with clean energy group RMI to try out batteries as replacements for dirty diesel generators on film sets.
One big reason for 2024’s price decline was expanded competition between battery manufacturers at a time when demand for EVs — and thus batteries — has been weaker than once expected, BloombergNEF writes. In response, manufacturers jockeyed for…
